Retirement Fund News

TymeBank pays out R200 million in unclaimed Motor Industry Retirement Funds (MIRF) bbenefits to thousands of South Africans

20 000 beneficiaries of MIRF – all of them TymeBank customers – will end the year on a high after receiving previously unclaimed benefits.

Johannesburg, 13 December 2023: Thousands of MIRF beneficiaries are receiving a whopping R200 million in previously unclaimed benefits from the Motor Industry Fund Administrators (MIFA), who administer reDrement funds on behalf of MIRF.

TymeBank is making payments to the 20 000 beneficiaries, who are all TymeBank customers, from 12 December 2023.

The payments have been expedited thanks to a partnership between MIFA and TymeBank. Building on its existng technology, TymeBank has developed a soluDon (Pay2ID) that allows a business to securely disburse funds to specific people by using their biometrically verified ID.

Lihle Khoza, CEO of MIFA, says: “When MIFA approached TymeBank to explore this initiative, the team at TymeBank readily welcomed our mission and has been very resourceful and solution driven. This initiative with TymeBank introduces a digital mechanism for MIFA to settle outstanding claims with ease. Settling unclaimed benefits in less than a week has been unheard of in the industry!”

Read the full media release here