Wits, UFS Repay Nearly R900m To NSFAS Following SIU Investigation

The Special Investigating Unit (SIU) has welcomed the recovery of close to R900 million from the University of Witwatersrand (Wits) and the University of the Free State (UFS). The funds stem from an ongoing investigation into the National Student Financial Aid Scheme (NSFAS).

Wits And UFS Mismanagement Of Funds

The SIU revealed that between 2016 and 2021, Wits and UFS held unallocated funds amounting to R450 million and R438 million, respectively. These funds were intended for students who either changed institutions or deregistered but were not returned to NSFAS due to a lack of controls ensuring reconciliation at the end of each academic year.

With the payments from Wits and UFS, the total recovered from higher learning institutions since the start of the NSFAS probe in September 2022 now exceeds R1.7 billion.

To address these systemic issues, NSFAS has engaged a service provider to implement “close-out reporting,” a reconciliation process to ensure future accountability for disbursed funds.

The SIU expressed its gratitude to both universities and NSFAS for their cooperation, emphasising the importance of collaboration in safeguarding public resources.

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