The Tanzanian government is working on a new legal framework to establish a coordinated system for managing unclaimed assets. This includes money in dormant bank accounts, abandoned properties, and vehicles whose owners or beneficiaries cannot be traced. The proposed reforms aim to address weaknesses in the current arrangement, where different financial regulators and government institutions oversee unclaimed assets under separate laws.
Deputy Minister for Finance, Mshamu Munde, told Parliament on October 29, 2026, 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. The move follows concerns raised by Makete MP, 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.
The proposed framework will 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. Death, poor record-keeping, relocation, lack of awareness, negligence, and loss of communication between customers and institutions are some of the reasons assets remain unclaimed.
Currently, the management of unclaimed assets 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, Sanga wants the reforms to go beyond financial assets to cover abandoned houses, plots, vehicles, and motorcycles.
Responding to Sanga's concerns, 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.
The proposed reforms also raise the question of public awareness, as many Tanzanians do not know that they could have money or property held by institutions without their knowledge. 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.
The debate also touched on the cost of living, with Rural Mtwara MP, Arif Premji, questioning whether the government's fiscal policies were sufficiently protecting households from rising prices. In response, Munde said the government was implementing fiscal policies, laws, and regulations to contain inflation and limit its impact on households, adding that inflation remained within a range of three to five per cent.
Key points
- The Tanzanian government is working on a new legal framework to establish a coordinated system for managing unclaimed assets.
- The proposed reforms aim to address weaknesses in the current arrangement, where different financial regulators and government institutions oversee unclaimed assets under separate laws.
- The government plans to include public education in the proposed framework to raise awareness about unclaimed assets and help citizens access and claim their property.
