Absa Appointed Master Custodian to the Government Employees Pension Fund

JOHANNESBURG, XX June 2026 – Absa has been appointed Master Custodian to the Government Employees Pension Fund (GEPF) in one of the most significant custody mandates in South Africa’s institutional investment market.

The appointment expands a relationship spanning more than two decades between Absa and the GEPF and affirms the bank’s position as a trusted institutional servicing partner capable of supporting mandates of this scale and complexity.

As Master Custodian, Absa will be responsible for the safekeeping and administration of the Fund’s investment assets, settlement of investment transactions, cash management linked to investments, reporting, and broader custody coordination across the investment ecosystem, while supporting the Fund’s governance and oversight requirements.

“We recognise that the stewardship of Africa’s largest pension fund carries enormous responsibility. At the centre of this appointment are the livelihoods and long-term financial security of millions of South African public servants, pensioners, and their families, and we do not take lightly the trust placed in institutions that support the Fund,” said Francinah Madise,Sector Head, Public Sector (Client Coverage) at Absa CIB.

Entrusting a responsibility of this scale to Absa speaks to the strength of the bank’s institutional servicing capability, technology platforms, infrastructure, and governance standards, as well as its long-term commitment to the African custody market.

The appointment is primarily an institutional and operational change and does not directly affect the day-to-day experience of GEPF members or pension beneficiaries.

Over time, the strengthened custody framework is expected to support improved governance, transparency, and oversight of the Fund’s assets, contributing to the protection of members’ long-term interests.

“Much of the work performed by a custodian happens behind the scenes, but it plays an important role in maintaining the confidence and operational integrity that enables the Fund and its stakeholders to make informed decisions,” said Mosetsana Mahlafunya, Group Head of Absa Investor Services. “Our relationship with the GEPF has developed over many years, and we have taken the time to understand its requirements to deliver the level of support and consistency the Fund requires over the long term.”

The GEPF serves more than 1.2 million active members and over 565 000 pensioners and beneficiaries, with assets worth more than R3.5 trillion. Absa has maintained a transactional banking relationship with the GEPF since 2001, providing core banking services including cheque deposit processing and electronic banking solutions. These existing services will continue alongside the new Master Custodian appointment.