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Tanzania moves to establish national system for unclaimed assets

5 mins read

Tanzania moves to establish national system for unclaimed assets

Habari za Dharura

October 29, 2026 Admin0

Dodoma. The government is working on a new legal framework to establish a coordinated system for managing unclaimed assets, including money in dormant bank accounts, abandoned properties and vehicles whose owners or beneficiaries cannot be traced.

The proposed reforms seek to address weaknesses in the current arrangement, where different financial regulators and government institutions oversee unclaimed assets under separate laws, potentially making it difficult for rightful owners and their families to recover them.

Deputy Minister for Finance Mr Mshamu Munde told Parliament on Thursday, October 29, 2026, during the Fifth Meeting of the 13th Parliament, that the government had prepared a concept paper proposing changes to the legal framework and was conducting further consultations with public and private sector stakeholders.

“Recognising the importance of strengthening the system for managing unclaimed assets, the government has prepared a concept paper proposing improvements to the legal framework governing these assets,” he said.

The move follows concerns raised by Makete MP, Mr Richard Sanga, who said Tanzania needed a central mechanism to identify, document and facilitate the return of unclaimed money and property to their rightful owners.

Mr Sanga said the problem could become more complicated as financial transactions increasingly shift to digital platforms, including mobile money services, where families may remain unaware of funds held by deceased relatives.

He questioned the reliability of existing information on unclaimed funds, recalling that when he started pursuing the matter in Parliament, only three banks had reportedly submitted information on money that had not been claimed by Tanzanians.

He cited Kenya, Uganda, Rwanda, South Africa and Morocco as countries whose arrangements for managing unclaimed assets could provide lessons for Tanzania.

“The world is moving towards a cashless economy. People keep money in mobile phones and other platforms, and their families may not even know that such money exists when they die,” he said.

Under the proposed framework, Mr Munde said unclaimed assets would cover money or property held by banks, financial institutions, insurance companies, investment firms, social security funds and other institutions but not claimed by their rightful owners within a legally prescribed period.

Mr Munde identified death, poor record-keeping, relocation, lack of awareness, negligence and loss of communication between customers and institutions as some of the reasons assets remain unclaimed.

Currently, their management falls under different laws and regulatory institutions, including the Bank of Tanzania (BoT), the Capital Markets and Securities Authority (CMSA), the Tanzania Insurance Regulatory Authority (TIRA) and the Tanzania Cooperative Development Commission.

However, Mr Sanga wants the reforms to go beyond financial assets to cover abandoned houses, plots, vehicles and motorcycles.

He cited cases involving motorcycle taxi operators who die in road accidents, leaving their motorcycles at police stations for extended periods because their relatives may not know where to find them.

Responding, Mr Munde acknowledged the need to address both financial and non-financial assets but said the two categories were currently governed through different legal arrangements.

He said abandoned or undeveloped land was addressed under existing land laws, while vehicles left unattended were handled through the Road Traffic Act, Chapter 168.

“The government’s current plan to establish a national system for managing unclaimed assets primarily focuses on financial assets, but it will also improve existing arrangements for non-financial assets,” he said.

He added that the government would continue using existing laws while assessing areas requiring improvements in identifying, preserving and returning assets to their rightful owners.

The proposed reforms also raise the question of public awareness as many Tanzanians did not know that they could have money or property held by institutions without their knowledge.

Mr Munde said public education would be included in the proposed framework, adding that consultations with public and private sector stakeholders would help determine how citizens could access information and claim their property.

Meanwhile, the debate also touched on the cost of living, with Rural Mtwara MP, Mr Arif Premji questioning whether the government’s fiscal policies were sufficiently protecting households from rising prices.

Citing September’s National Consumer Price Index, he said the index had increased from 119.86 to 125.07, raising concerns about the impact of living costs on ordinary citizens despite economic growth.

In response, the Deputy Minister said the government was implementing fiscal policies, laws and regulations to contain inflation and limit its impact on households.

He said inflation remained within a range of three to five per cent, which he described as favourable compared with other East African countries.

The government, he added, would continue using economic policies to maintain price stability and protect citizens’ purchasing power.

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