The importance of an efficient and well-functioning financial system to a country’s economic growth and development today is widely recognised and appreciated. The 2008 global financial crisis brought the world largest economies and other countries to undertake collective actions to safeguard the financial sector and bolster public confidence. The financial system plays an important role in the development process- particularly through the financial intermediation process. The work done to reform and deepen the financial sector on the African continent is centred around the recognition of its significance in the driving of economies and changing the fortunes of many lives. In this regard, one of the areas that need attention is in the management of unclaimed financial assets. Savings and deposits institutions, banks, brokerage firms and pensions schemes are the ones that are holding these resources and it is therefore proper to institute mechanisms and measures that will ensure increased access, transparency, accountability and efficiency. This will streamline the process and structures and thus facilitate owners to know and have more so access these assets.

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CTPD Opinion 1