What would you have done with $1 million? Source: Shutterstock

A UNIVERSITY in South Africa on Wednesday says it mistakenly deposited ZAR14 million (US$1 million) into a student’s account before she reportedly went out on a spending spree.

According to Eye Witness News, the money was accidentally deposited into her account via the National Student Financial Aid Scheme (NSFAS).

The mistake made headlines after a grocery store receipt showing the enormous account balance made its rounds on social media.

The university said the incident happened five months ago and a probe has been launched on why the student failed to flag the matter. However, the student maintains she had reported the incident to the university.

The woman was said to have splurged on at least one party and luxury items, including a cellphone. It is understood she had spent nearly ZAR400,000 (US$30,000).

University spokesman Yonela Tukwayo was quoted as saying that the deposit was made by a company which handles the NSFAS funds to student debit cards.

“We are also looking at the NSFAS rules of which the child did sign an agreement to adhere to the rules in terms of how that money should be used,” she said.

“So the student will be liable to repay every cent of the money spent even if it takes 20 years to do so.”

Meanwhile, the topic has become quite the talking-point on Twitter.

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