Standard Bank’s unclaimed benefits initiative has reached a major milestone, successfully reuniting clients with R100 million that was rightfully theirs, all in less than a year.
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. The majority of the recovered funds relate to unpaid pension claims, positively impacting thousands of South Africans.
“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. The payments, ranging from just R100 to over R1 million, demonstrate our commitment to our clients.,” says Dr Belinda Rathogwa, Head of 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 R100 million 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.
According to the Financial Sector Conduct Authority (FSCA), South Africa has approximately R89 billion in unclaimed benefits, highlighting the scale of the challenge.
Dr 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. It’s also about restoring trust in the financial system by reconnecting them with what’s rightfully theirs, even if they didn’t know about it.
Dredd
Terry Volkwyn – Former-CEO of Primedia, founder of Lead SA: Considered as one of the most powerful and influential women in media but Terry Volkwyn never dreamed of a career in radio. She wanted to be a lawyer but didn\’t have the right matric subjects, so she went into dress-designing. After another career change, Volkwyn sold advertising space for the Rand Daily Mail when Radio 702 was launched. She instantly loved the rebelliousness of it and started running its sales team and selling up a storm. Eventually she would move from sales to programme manager and up the ladder until she reached the very top. In 2006, she was named Boss of the Year. In 2012, she won Company Women of the Decade in Media. In 2013, she was inducted into the MTN Radio Awards Hall of Fame.