Ever checked an old bank account and wondered if your money is still there, patiently waiting like a loyal dog? In Tanzania, money and property left untouched for years can become “unclaimed assets” including bank accounts, shares, pensions, insurance benefits and even wages. The state does not become the true owner; rather, it acts as a custodian until the rightful owner appears with proof.
Recent changes under the Finance Act, 2024 reduced the dormancy period from 15 years to 10 years and introduced clearer rules for handling abandoned financial assets. A portion of these funds is now transferred to government accounts, while institutions remain obligated to report and surrender them.
The challenge, however, is not merely collecting unclaimed assets but finding their owners. Experts argue that Tanzania needs stronger tracing systems, better audits and perhaps a dedicated authority. After all, nobody wants their forgotten savings to become the financial equivalent of a missing sock.
