Since 2010, when mobile money services were introduced in Rwanda, a significant number of Rwandans have enrolled into using mobile money transactions.

As of 2019, one in four Rwandans used mobile money services, a number which has likely increased due to Covid-19 pandemic that has stressed the need for cashless transactions.

Between January and April 2020, the value of funds transferred via Mobile Money grew by 450 per cent to Rwf40 billion (over $ $42 million), according to Rwanda Utilities Regulation Authority.

With such huge amounts of money and millions of mobile money service users, it begs the question of what happens when a mobile money account has been inactive for years and no one claims the funds?

For telecommunications companies, unclaimed funds refer to the money that remains unclaimed in the wallet –mobile money account- for a period of five years from the date of last transaction.

When the Mobile Money account has been inactive for five years, the funds are transferred to the central bank, National Bank of Rwanda, within a period not exceeding 30 days from the end of the five years.

The above regulation also applies to other bank accounts that have been inactive for five years.

According to the Law n° 07/2016 of 01/12/2016 determining modalities for management of inactive and dormant accounts, unclaimed funds and balance on accounts that have been dormant for five years shall be transferred to the central bank.

Unclaimed mobile money is abandoned property

Once the funds are sent to the Central Bank, the law regulating the management of abandoned property stipulates that "the property left by the owners is managed by the government until the owners show up. If the owner died and left no heir the property is handed over to the government”.

The Property Management Department in charge of abandoned properties operates under the Ministry of Justice.

The law also indicates that when the property is claimed by the owner with tangible and original evidence, the property is handed over to them automatically.

The latter implies that if a mobile money user claims their money from the Property Management in charge of abandoned properties with tangible evidence, they will get the money back.

The credibility of the evidence provided by the owner is examined by the Ministry of Justice and is decided within 60 days.