The National Financial Ombud (NFO) South Africa (SA) Banking Division has returned over R60 million ($3.54 million) to SA consumers in 2025, marking a significant achievement under the leadership of Lead Ombud Nerosha Maseti.
Through decisive rulings and the dedication of case administrators and adjudicators, thousands of disputes between consumers and banks have been resolved, even under challenging circumstances. Beyond restoring funds, the division has had a lasting impact on trust and fairness in SA’s banking sector.
Maseti highlighted that most of the refunds were related to fraud cases, though recommendations were also made where banks’ services did not meet industry standards or the principles of treating customers fairly. She said the division’s work is not only about resolving individual complaints but about driving improvements that benefit all consumers. “By holding banks accountable and promoting fair treatment, we help create a more transparent and responsible financial landscape in SA,” she said.
The division’s interventions extended beyond monetary refunds. Consumers benefited from the return of repossessed vehicles, the writing-off of debt, including confirmation of prescribed debt or overcharged interest, and measures to prevent the sale of property at auction, easing the financial pressure on debt-stressed consumers. Many of these outcomes have prompted banks to strengthen internal processes, improving protection for consumers and raising industry standards.
Mobile and internet banking fraud remain the most common complaints, accounting for 39% of all cases handled by the Banking Division. Complaints in these areas rose by 15% in 2025 compared to 2024, reflecting increasingly sophisticated tactics by fraudsters. Maseti warned that as technology and artificial intelligence evolve, criminals are using these tools to impersonate banks and convince consumers to transfer money directly to fraudulent accounts. In some cases, scammers are able to clone bank numbers, making it difficult to distinguish legitimate calls from fraudulent ones.
Collection-related complaints remain high, as many South Africans continue to face financial hardship. With the festive season approaching, the NFO urged consumers to act responsibly when applying for credit. Under the National Credit Act, credit providers must carry out affordability assessments before granting credit, while consumers are legally obliged to provide accurate and complete information. Maseti noted that some complaints alleging reckless lending are often found, upon investigation, to result from consumers providing false or incomplete information. She cautioned that providing incorrect details can lead to rejected applications, possible listings on the Southern African Fraud Prevention Service database, and the loss of any defence against claims of reckless credit.
“Transparency protects your financial future and upholds the integrity of the credit system,” Maseti said. “SA consumers should ensure all information is accurate and up to date when applying for credit.”
Looking ahead, the NFO Banking Division says it will continue to innovate and improve its services to ensure fair resolutions for consumers in a rapidly changing financial landscape. Maseti concluded that 2025 has been a year of growth and active engagement. The rise in mobile and online banking fraud highlights the importance of vigilance, and the division remains committed to supporting SA consumers, promoting transparency, and safeguarding financial wellbeing as technology continues to evolve.
–ChannelAfrica–
