A report released on Wednesday 6th Oct 2021 by Unclaimed Financial Asset Authority (UFAA) has revealed that Kenyans surrendered assets worth Ksh 20.3billion in cash and one billion units of shares. in the last 7 years. In 2014 alone, the Authority collected a total of Ksh 300 million.
The authority has also revealed that 17,469 people have so far come on board to claim a cumulative sum of Ksh1.2 billion.
Unclaimed assets are properties, cash, or other financial assets considered lost or abandoned because an owner can’t be found after a certain period of time.
While acknowledging that the past years the authority have been laying the foundation, UFAA’s Chairman, Mr. Richard Kiplagat says that the Authority is now in the process of rolling out a number of initiatives that
are aimed at making the process of claiming unclaimed financial assets, for the common
wananchi, and reporting and surrendering of these assets by the holding institutions much
easier and more seamless.
”The Authority is in advanced discussions with Huduma Kenya to roll out UFAA’s services at Huduma Centers and Huduma Mashinani across 47 counties in the country. This is through a collaborative service
framework at the Huduma Centres to allow access to UFAA services. This allows claimants from
various parts of the country to easily follow up on their claims at the Huduma Centres” Said Mr. Kiplagat.
Among the unclaimed financial assets includes Dormant accounts at banks, Unclaimed deposits, and benefits from collapsed institutions, Unclaimed dividends, and interest earned from stocks and shares, Unclaimed utility deposits in books of telecoms, power, and water companies.
Other unclaimed assets are Unclaimed retirement benefits at schemes and pension administrators, Unclaimed death benefits, and annuities from insurance companies, Unclaimed bail and bond money deposited in Courts of Law, and Uncollected prize money e.g. from a lottery.
These assets are deemed unclaimed when presumed abandoned under the provisions of sections 4 to 18 of UFA Act, Have been transferred to the Authority as unclaimed assets, and have been deemed under any other law to be unclaimed assets and payable to the Authority, and includes all income, dividend or interest thereon but excludes any lawful charges thereon.
To enhance efficient service delivery, the authority has digitize its system to facilitate easier processing and
disbursement of unclaimed financial assets in cash, bonds, stocks, and other financial assets. this will also enable an individual to submit and surrender unclaimed financial assets in his possession.
The authority projects to reunite at least 5% of received Unclaimed assets as of 1st July 2022 to rightful owners.