South Africa’s largest banks are facing mounting pressure after the National Financial Ombud Scheme (NFO) revealed that they were the subject of more than 5,900 formal complaints in 2024 — accounting for the majority of all banking grievances received during the year.
The latest report from the NFO underscores growing consumer frustration with issues ranging from unauthorized debit orders and service delays to disputed transactions, fees, and loan disputes.
While the NFO did not name specific banks in its public summary, it confirmed that the country’s biggest financial institutions dominated the complaint list, raising concerns over service quality and consumer protection within the sector.
The watchdog said it is working closely with banks to resolve issues fairly and ensure improved responses to customers. Still, the numbers reflect a rising demand for financial accountability and a stronger focus on consumer rights.
Financial analysts say the spike in complaints could also signal increased public awareness of the ombud system, as more South Africans turn to formal channels to seek justice in the banking space.
As regulatory pressure builds and reputational risks mount, South Africa’s banking giants may need to re-evaluate how they engage, serve, and retain their customers in an increasingly competitive and transparent environment.
