Standard Bank's app helps thousands claim their share of R89bn in unclaimed benefits
According to the Financial Sector Conduct Authority (FSCA), South Africa has approximately R89bn in unclaimed benefits.
Source: Supplied. Belinda Rathogwa, Head: Digital and E-commerce at Standard Bank.
Doing its part to redress this imbalance, Standard Bank has announced that it has in the past year reimbursed R100m in unclaimed benefits to thousands of South Africans many of whom were unaware they were even owed funds.
The payments ranged from just R100 to over R1m, with the majority of the recovered funds relating to unpaid pension claims.
Launched in October 2024 in partnership with unclaimed benefits tracing company Reunyte, the initiative helps match unclaimed funds to customers using the Standard Bank Banking App.
“We’re proud to have helped clients from all walks of life reclaim funds that were rightfully theirs, some of which had gone unclaimed for many years,” says Belinda Rathogwa, Head: Digital and E-commerce at Standard Bank.
A seamless process
Once a benefit is traced, the bank’s customers receive a notification directly through the Standard Bank Banking App. From there, they can view the details and initiate the claim process within the app itself. In most cases, no additional paperwork is required, making the experience seamless, secure, and accessible. Where further verification is needed, clients are guided through a simple digital process to complete their claim.
“This milestone means a lot to us. While R100m may be a fraction of the billions still unclaimed nationwide, for the individuals receiving those funds, the impact has been life changing. We’re committed to continuing this work and playing our part in tackling the broader unclaimed-benefits crisis,” says Rathogwa.
Rathogwa adds: “In partnership with Reunyte, we have focused on the importance of streamlining the claiming process. When the process is easier and straightforward, beneficiaries trust it, and they spread the word.
"For many beneficiaries, this is more than just a payout, it’s about giving people closure, and it's also about restoring trust in the financial system."