Kenyans have been called upon to claim their financial assets, as the Unclaimed Financial Assets Authority (UFAA) grapples with a staggering Ksh82 billion in unclaimed financial assets.
Those yet to collect their unclaimed financial assets have been urged to visit UFAA offices and claim the cash, with pressure mounting to disburse the growing lump sum before the timeline expires.
"We are looking for the owners of this Ksh82 billion to come and pick the money, our core mandate is not to receive the money and keep it, we receive and reunify the money with the owners. So we urge Kenyans to come ahead and claim their money," (UFAA) Board Chairman Francis Njenga revealed.
According to UFAA, only Ksh2 million is claimed monthly, and while it is their responsibility to keep the money safe, there is a need for Kenyans to claim the financial assets to avoid a pile-up of unclaimed financial assets.
"The funds are safe and in the Central Bank, but for the years that one may not come, it is our responsibility to safeguard them. We do an average of almost Ksh2 million, or a million, in claims each month that the public comes to our offices to claim," Njenga continued.
Further, the body has affirmed its integrity and dismissed claims that Kenyans face difficulties while trying to claim their financial assets.
According to UFAA, the process of claiming the assets is critical and rigorous which entails validation and confirmation of the person claiming to ensure it is the correct candidate.
UFAA has sent a warning to asset holders yet to remit claimed assets, confirming that the process of reimbursement has been made easier over time.
An outreach programme commenced in Nairobi on Monday, February 17, to provide essential services and education to city dwellers.
Popular financial assets that people lose include unclaimed bail and bonds, unclaimed deposits, dividends, and interest. Others are utility deposits, death benefits, annuities, and assets from dissolved business entities.
People lose financial assets either through neglect or lack of awareness. One can lose financial assets through an inactive bank account, investment accounts, or insurance policies, which can become unclaimed if they remain inactive for a long period.
According to the Unclaimed Financial Assets Act (No. 40 of 2011), one has to file a claim, which will be considered within 90 days of the date filed. The unclaimed financial assets must be abandoned for more than two years before one claims them.
