Benefit Exchange SA (“BenX”) is the developer and operator of the free
service dedicated to enabling South Africans and their beneficiaries, legal and
registered financial advisors to search for unclaimed assets that may be owed.
South Africa has approximately R85 billion unclaimed assets due
to over 5 million people. Unlocking this hidden source of
wealth is having a material and, often, profound impact on our users’ lives.
As Uber® connects drivers with passengers and AirBnB® connects accommodation
providers with travellers, so BenX is the Tinder® of unclaimed assets matching
and connecting owners with the custodians of unclaimed assets. BenX does this
through a number of channels including an online search portal
(www.unclaimedbenefits.co.za), social media, remote agents, contracted digital
partners and ‘bricks and mortar’ outlets to provide the most comprehensive and
pervasive reach in South Africa.
BenX contracts with custodians of unclaimed assets including retirement funds,
fund and claim administrators and medical aids who submit schedules of
individuals owed on a regular basis. In addition, BenX is digitizing the
Guardian Fund records as published annually in the Government Gazette to enable
individuals to also access this source of unclaimed assets.
BenX does not assist with the actual claim process but rather provides
individuals and the entity holding the unclaimed asset with each other’s contact
details. In addition, BenX does not assist with RAF and UIF claims nor does it
know the amount owed to an individual.
Over 337,000 South Africans have utilised the service to date to search for
monies that may be due to them or deceased relatives with almost 12.5% (1 in 8
individuals) being matched to a potential unclaimed asset.