DIB urges depositors to claim funds

A SIGNIFICANT number of depositors whose banks were closed between 2017 and 2018 have yet to claim their insured funds, prompting the Deposit Insurance Board (DIB) to urge all affected customers to urgently collect their money.

DIB Director, Mr Isaack Kihwili, told journalists in Dodoma recently that despite repeated public notices, some depositors have left their funds unclaimed for nearly eight years, either assuming the amounts are too small or being unaware that the compensation process is still ongoing.

“We encourage all remaining depositors to claim their protected deposits. They can conveniently collect their funds at any TCB branch nationwide,” he said while opening a one-day media seminar aimed at strengthening public awareness of the Board’s activities.

The unclaimed funds belong to customers of banks closed by the Bank of Tanzania (BoT) in 2017 and 2018, including FBME Bank Limited, Meru Community Bank Ltd, Mbinga Community Bank PLC, Efata Bank, Covenant Bank for Women (Tanzania) Ltd, Kagera Farmers Cooperative Bank Ltd and Njombe Community Bank Ltd. Mr Kihwili said the Board was also overseeing the liquidation processes for the closed institutions.

He noted that customers of FBME, who had earlier received 55 per cent of their deposits above the insured limit, are now eligible for an additional 30 per cent bringing total payouts to 85 per cent while payments for other categories will follow.

He commended the media for effectively disseminating earlier compensation notices, which enabled thousands of depositors to claim their funds.

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“During the bank closures, it was through the media that information reached the public. We witnessed a strong response from depositors who came forward to collect their insured funds,” he said.

Meanwhile, Mr Kihwili revealed that the Board is undergoing major legal and structural reforms to become a fully autonomous institution, capable of maintaining financial stability more effectively. Since its establishment in 1994, DIB has operated within the Bank of Tanzania as one of its directorates.

However, a new structure approved in March 2025 has enabled the Board to operate independently in terms of functions, staffing and infrastructure.

“DIB is now in the final stages of relocating from BoT premises to complete its transition to full autonomy,” Mr Kihwili said.

He emphasised that the Board’s core mandate remains the protection of depositors in all BoT-licensed institutions that accept deposits a guarantee that reinforces public confidence in the banking sector.

“This knowledge empowers people and strengthens trust in the financial system,” he said.