Malawi's Parliament has been told a new law will tighten the net around millions of kwacha sitting unclaimed after banks go bust — but one MP has warned the Government not to go on a spending spree with the cash.
Bill No. 10 of 2026 — the Financial Services (Amendment) Bill — was tabled in the House this week, with plans to line up the rules on unclaimed funds with the Public Finance Management Act.
Dimba said the change was badly needed, revealing that piles of cash have been left unclaimed even after all debts were settled.
Lilongwe Phiri la Njuzi MP Peter Dimba said the shake-up would sort out what happens to leftover cash once banks and other financial firms are wound up.
Under the new plan, any money still gathering dust after creditors and shareholders have been paid off in full would be swept straight into Government coffers — the Consolidated Fund.
Dimba said the change was badly needed, revealing that piles of cash have been left unclaimed even after all debts were settled. His party, the Malawi Congress Party, is firmly behind the Bill.
But he wasn't handing ministers a blank cheque — warning them to spend the windfall wisely and steer clear of wasteful splurging once the money lands in state hands.
The MP also demanded bulletproof rules be put in place so rightful owners who turn up later can grab back what's theirs — without getting bogged down in red tape.