Kenyans have only claimed a fraction of the Ksh62 billion held by the Unclaimed Financial Assets Authority (UFAA), despite efforts to reunify abandoned cash and shares with rightful owners, according to Chairman Francis Njenga.
The Unclaimed Financial Assets Authority (UFAA) is grappling with a staggering Ksh60 billion in unclaimed financial assets, despite proactive efforts to reunite these funds with their rightful owners.
Board Chairman Francis Njenga revealed that since January 2024, only Ksh2 billion has been claimed out of the reported Ksh62 billion held by the authority.
"In collaboration with national government departments and media partnerships, UFAA has retrieved Ksh32 billion in cash and an additional Ksh31 billion in unit shares," Njenga stated, emphasising the authority's relentless pursuit of assets abandoned in financial institutions and mobile money platforms.
Efforts to secure these funds have included depositing them as Treasury Bills and Bonds at the Central Bank of Kenya to prevent misappropriation. "Securing this money has been challenging, as there are elements who see unclaimed assets as fair game for personal gain," Njenga commented.
Earlier this year, UFAA alerted the public that Ksh241 billion in unclaimed assets from public agencies and private firms remains outstanding, complicating efforts to reunite beneficiaries with their rightful funds.
The authority currently holds 1.7 billion shares valued at Ksh30 billion, with significant contributions from banks (67.7 per cent), listed companies (16.9 per cent), telcos (9.3 per cent), insurers (5.3 per cent), pension funds, and Saccos.
To boost awareness and facilitate claims, UFAA has partnered with National Government Administration Officers (NGAOs) and other state entities to conduct sensitization campaigns nationwide.
Dr. Njenga, speaking at a meeting in Kisumu, highlighted the success of over 30,000 claims processed, totaling Ksh2 billion in payouts. Regional clinics and legal aid services have been deployed to assist Kenyans in reclaiming their assets swiftly.
"With 21 million active accounts, our goal is to disburse between Ksh7-10 billion by 2028," Njenga projected, underscoring ongoing legislative efforts to expedite claim processing under the Unclaimed Financial Assets Act 40 of 2021.
Proposed reforms aim to reduce claim processing times to as little as one day, contingent upon legislative support from the National Assembly.
Njenga urged Kenyans to verify potential unclaimed assets directly with UFAA, emphasising the agency's no-cost assistance in asset retrieval. "We are leveraging technology and strategic partnerships to enhance service delivery and societal impact," he affirmed.
In its Strategic Plan 2023-2028, UFAA targets accelerated processing times for both owner and beneficiary claims, reinforcing compliance among asset holders and bolstering institutional capacity.
