Government wants to take control of R88 billion owed to millions of South Africans

• The National Treasury has proposed creating a single, centralised system to help South Africans find and claim the R88 billion that belongs to them.
• The money has largely become untraceable as people changed jobs, moved houses, changed surnames, or passed away. Financial institutions have individually been running programmes to help people find the money they are owed.
• The Treasury said the claims will expire and be shifted into the national revenue fund, with timelines proposed to be 45 years after an asset became payable or after the owner turns 110.