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- May 23, 2017
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Mlikuwa wateja wa Benki zilizofilisika Kafuateni pesa zenu kabla hazijataifishwa na Serikali.
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In what appears to be an unusual move given the current economic situation, it is reported that Sh2.9 billion has gone unclaimed by bank depositors in Tanzania.
The unclaimed money comes from banks that were liquidated starting in 2000, and according to Deposit Insurance Board (DIB), they represent uncollected compensation through September 2023.
This sum was intended to compensate the banks' clients.
Since DIB started operating in 1994, a total of nine banks have closed shop and so had to be liquidated.
The banks that have gone under were Greenland Bank Tanzania Limited (2000), Delphis Bank Tanzania Limited (2003), FBME Bank (2017), Mbinga Community Bank Plc (2017), Njombe Community Bank Limited (2018), Meru Community Bank Limited (2018), Covenant Bank for Women (T) Limited (2018), Kagera Farmers’ Cooperative Bank Limited (2018), and Efatha Bank Limited (2018).
The DIB’s director, Mr Isack Kihwili, says the Sh2.9 billion owed to depositors of these liquidated banks is for those whose value did not exceed Sh1.5 million upon the closure of the financial institutions.
The total amount of compensation from the nine banks was valued at Sh11.97 billion, of which 75% has been collected, while the rest remains in public financial institution coffers waiting for claimants. DIB is urging those entitled to the money to go to Tanzania Commercial Bank (TCB) to claim their compensation.
"We have made public announcements; however, people are yet to come and collect their money" DIB's director said.
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In what appears to be an unusual move given the current economic situation, it is reported that Sh2.9 billion has gone unclaimed by bank depositors in Tanzania.
The unclaimed money comes from banks that were liquidated starting in 2000, and according to Deposit Insurance Board (DIB), they represent uncollected compensation through September 2023.
This sum was intended to compensate the banks' clients.
Since DIB started operating in 1994, a total of nine banks have closed shop and so had to be liquidated.
The banks that have gone under were Greenland Bank Tanzania Limited (2000), Delphis Bank Tanzania Limited (2003), FBME Bank (2017), Mbinga Community Bank Plc (2017), Njombe Community Bank Limited (2018), Meru Community Bank Limited (2018), Covenant Bank for Women (T) Limited (2018), Kagera Farmers’ Cooperative Bank Limited (2018), and Efatha Bank Limited (2018).
The DIB’s director, Mr Isack Kihwili, says the Sh2.9 billion owed to depositors of these liquidated banks is for those whose value did not exceed Sh1.5 million upon the closure of the financial institutions.
The total amount of compensation from the nine banks was valued at Sh11.97 billion, of which 75% has been collected, while the rest remains in public financial institution coffers waiting for claimants. DIB is urging those entitled to the money to go to Tanzania Commercial Bank (TCB) to claim their compensation.
"We have made public announcements; however, people are yet to come and collect their money" DIB's director said.
