NFO’s second-year surge: R442.9 million restored to consumers

Reana Steyn, Head Ombud

In only its second year of operation, the National Financial Ombud Scheme (NFO) has channelled an extraordinary R442.9 million back to financial consumers, eclipsing the R328.5 million recovered in its inaugural year.

Case volumes also rose sharply: average monthly openings climbed from 3 585 in 2024 to 4 174 in 2025, marking a 16% increase across the scheme’s three divisions - Banking and Credit; Life Insurance; and Non-life Insurance. 

Of the total recovered: 

• Life Insurance: R299,629,812.82 (5,020 complaints) 

• Non-life Insurance: R82,888,820.70 (5,152 complaints) 

• Banking: R53,002,204.18 (12,461 complaints) 

• Credit: R7,473,666.41 (2,561 complaints) 

Performance and Growth 

Head Ombud and CEO Reana Steyn reported that the NFO opened 50 065 cases and closed 34 277 cases during the year. Formal closures rose by 4.5%, while divisions collectively reduced turnaround times - evidence of steady performance improvement. 

Steyn reflected on the organisation’s trajectory: “Our inaugural year demanded greater discipline, system creation, team integration, and process alignment. The year under review marks the next stage in our evolution - moving from foundation to maturity, with greater operational effectiveness and measurable growth.” 

She added that the NFO continues to strengthen its dispute resolution model to ensure a sustainable, world-class organisation, underpinned by strong governance and stakeholder confidence. 

Technology, Awareness, and Consumer Reach 

Digital innovation has been central to this progress, with the NFO advancing the use of technology and digital solutions such as Chatbot and WhatsApp platforms to streamline processes and enhance consumer experience. At the same time, consumer awareness campaigns and financial literacy initiatives extended its reach considerably, reinforcing its role in building a more resilient financial sector. 

Complaint numbers for the top 10 of our dispute resolution objectives are clear: 

1. Motor-related: 3 276
2. Homeowners: 2 629
3. Current accounts: 3 439
4. Funeral: 2 496
5. Life: 1 891
6. Savings accounts: 1 389
7. Personal loans: 1 656
8. Commercial: 1 228
9. Credit cards: 901
10. Home loans: 778 

A Unified Body 

Steyn emphasised that the establishment of the NFO in March 2024  marked a decisive shift in South Africa’s financial dispute resolution landscape, uniting four previously separate offices into a single, independent body dedicated to fairness, accountability, and accessibility. 

“Demand for our services has increased, reflecting both growing awareness and the complexity of the financial environment. The NFO responded with improved capacity and consistency in case handling, while maintaining a strong control environment. Investment in digital tools; more staff and improved platforms for lodging complaints; and enhanced accessibility; further strengthened our ability to serve consumers,” she said. 

Other noteworthy data contained in the NFO annual report reflects a broad and diverse consumer base. 

• Like 2024 when more females opened formal cases, in 2025, 55,55% of complaints were opened by females, 54,68% by females; 0,07% by non-binary; and 0,06% choosing not to disclose their gender.
• The majority of complainants fell within the middle-aged categories, with 46-60 years representing 34,08% and 36-45 years accounting for 27,34%. Under-25s comprised 2,35%, while individuals over 70 made up 5,91%.
• Complaints varied across provinces, reflecting regional disparities in financial concerns and consumer access to redress mechanisms. Gauteng led with 40,99%, demonstrating high financial service engagement, with Western Cape following at 17,77%, KwaZulu-Natal at 14,87% and the Eastern Cape at 7,91%.
• The majority of complaints (49,70%) came from those in the under R80 000 per annum income bracket; 17,29% from those in the R250 000 - R500 000 annual salary bracket; and 5,71% from those earning more than R1 million a year.
• Despite increased demand on the team to respond to correspondence and WhatsApp messages, the organisation answered 109 222 calls, maintaining an 89% call answer rate.
• The organisation’s ability to scale effectively is further demonstrated by growth of approximately 27,6% written enquiries received, reflecting both growing awareness and trust in the scheme. Vulnerable consumers continued to receive focused attention, with 763 cases identified. 

Looking Ahead: Consolidation and Impact 

Steyn said the year ahead will be about consolidating gains and deepening impact. Operational efficiency will be sharpened further, digital capability expanded, and leadership development together with staff wellness and engagement will remain at the heart of priorities. At the same time, consumer awareness initiatives will broaden their reach, ensuring more South Africans understand their rights and the Ombud’s role. 

“The year under review reflects an organisation that has grown into its mandate. The NFO is no longer defined by its formation - it is defined by its performance. 

“We have strengthened governance. We have refined operations. We have invested in our people. Most importantly, we have delivered fair outcomes for consumers. 

“But the journey continues. Each matter resolved reinforces public trust. Each improvement strengthens institutional resilience. Each step forward brings us closer to our vision of a financial sector where fairness is not exceptional but expected,” Steyn said.

 The NFO Annual Report can be found here