The government wants to take over R88 billion owed to ordinary South Africans

• The National Treasury has proposed a centralised system to help millions of South Africans track down and claim an estimated R88 billion in unclaimed money.
• The R88 billion comes from forgotten retirement fund benefits, dormant bank accounts, unpaid insurance claims, and investment returns, which have become difficult to trace over time.
• The proposal would initially focus on unclaimed retirement fund benefits before being expanded to banking, insurance, and investment products, with claims eventually expiring after 45 years or when the owner reaches age 110.