Millions of South Africans are owed R89 billion – check if you can get money

The FSCA and Standard Bank have made it easier for South Africans to check if they are entitled to a slice of R89 billion in unclaimed assets.

Unclaimed assets are assets like pension funds or dividends due to a person by a financial institution that remain unpaid or unclaimed.

What typically happens is that people forget about these assets or leave them to someone in their will without being aware of them.

Unclaimed pension benefits are estimated at R48 billion and owed to over 4.5 million South Africans. Of these, 20% are owed amounts less than R1,000.

Tracing, verifying, and completing administrative processes with beneficiaries has traditionally been slow and manual.

This means it was financially unviable to trace beneficiaries who were owed small balances, like those who were owed under R1,000.

South Africa’s Financial Sector Conduct Authority (FSCA) has done a lot of work to address the problem of unclaimed assets.

In its 2024 annual report, it said that unclaimed assets are a serious challenge facing the financial sector.

“It is essential for financial consumers to have the ability to reclaim funds that are rightfully theirs,” the FSCA said.

It explained that addressing unclaimed assets ensures financial equity, prevents economic loss, and supports the overall integrity of the financial sector.

The FSCA has worked with the retirement funds industry to implement a system that enables members of the public to check if they have unclaimed retirement fund benefits.

However, the FSCA explained that the challenge extends beyond the retirement funds industry and is more broadly prevalent in the financial sector.

As such, it is developing a holistic and consistent approach to treating lost accounts and unclaimed assets.

The South African Reserve Bank (SARB) said unlocking unclaimed benefits could potentially release R89 billion into the South African economy.

The flow of additional funds will also significantly increase the tax revenue collected by SARS and bolster economic growth.

“Fund administrators could become heroes to many South Africans by prioritising unclaimed benefits,” Robin Hood CEO Rowan Gordon said.

It would also strengthen trust in corporate institutions, and returning these funds would ease some of the immediate financial strain on citizens.

Standard Bank making it easy for clients to get unclaimed benefits

Standard Bank has partnered with Robin Hood to make the process of claiming these benefits seamless through its Banking App. 

Robin Hood is a digital platform created by a group of business leaders to transform the process of reconnecting unclaimed assets with their rightful owners.

By teaming up with corporate institutions and administrators, Robin Hood efficiently and cost-effectively traces, verifies and distributes assets to beneficiaries.

Through technology and scale, Robin Hood has made it possible for even the smallest benefits to be reunited with a beneficiary.

“Some clients are owed a few thousand rands, while others have large amounts of unclaimed benefits,” Standard Bank’s head of digital and e-commerce, Belinda Rathogwa, said.

“By removing the requirement to individually approach funds to submit claims, we are making it easier for clients to get their unclaimed benefits,” she said.

Standard Bank partnered with retirement funds, share schemes, and insurers through its Corporate and Investment Banking.

These partnerships mean that it expended the benefits that its clients can claim through our Banking App.

Standard Bank clients with unclaimed benefits registered with Robin Hood will be notified when they log into the banking app.

Customers who suspect they have unclaimed benefits do not need to contact the bank. Standard Bank will proactively notify clients of unclaimed benefits.

How South Africans can check if they have unclaimed assets

People who are not Standard Bank clients and have access to the bank’s app can still check if they are owed unclaimed benefits.

People who want to check if they can claim money must provide their name, surname, identification number, fund name, and employer name.

If there is a successful match, the person will be provided with the contact details of the fund or administrator.

Here are the ways people can check if they are owed money as part of South Africa’s R88.56 billion in unclaimed assets.