The National Financial Ombudsman Scheme (NFO) returned approximately R443 million to South African consumers in only its second year of operation, a sharp increase from the R328.5 million recovered in its first year. The NFO scheme brings together four ombudsman offices that previously operated separately: the Banking Ombudsman, the Credit Ombudsman, the Short-Term Insurance Ombudsman and the Long-Term Insurance Ombudsman.
For families struggling with fraud, rejected insurance claims, disputed loans, inaccurate billing and financial institutions that sometimes disappear behind call-center music, that number represents funeral money, a repaired roof or a bank balance restored after a scam.
The NFO opened 50,065 cases and closed 34,277 in 2025. Average monthly cases increase from 3,585 in 2024 to 4,174 in 2025, an increase of 16% across the banking and credit, life insurance and non-life insurance divisions of the plan.
The monetary recovery amounts were divided as follows:
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- Life insurance: R299.6-million
- Non-life insurance: R82.9-million
- Banking: R53-million
- Credit: R7.47-million
Head Ombud and CEO Reena Steyn says the second year has been about growing from start-up plumbing to a more organized, effective body.
Steyn said, “Our inaugural year demanded greater discipline, systems building, team integration and process alignment. The year in review marks the next phase in our evolution, moving from foundation to maturity with greater operational effectiveness and measurable growth.”
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