Alarm as Govt Agency Struggles to Trace Owners of Ksh55 Billion

  • File image of Kenyan bank notes
    File image of Kenyan bank notes
    File
  • There is a growing concern after assets worth Ksh55 billion held by the Unclaimed Financial Assets Authority (UFAA) remain unclaimed by Kenyans

    According to data by UFAA, Kenyans have only filed 23,134 claims amounting to Ksh1.5 billion since 2014 with Kenyans making claims amounting to Ksh270 million from October 2021 to December 2021. 

    Among the assets that still remain with Authority (UFAA) include safety deposit boxes that contain jewelry, title deed among other valuables.

    President Uhuru Kenyatta issuing title deeds at the Kenyatta International Convention Centre
    President Uhuru Kenyatta issuing title deeds at the Kenyatta International Convention Centre
    PSCU

    “Claims amounting to Ksh1.5 billion from 23,134 claimants have been received to date. Out of these, 13,940 claims (valued at Ksh989 million), 23,920,854 units of shares, 35 safe deposit boxes, and 15 Unit Trust have been reunited,” UFAA stated.

    According to a Business Daily report, between June 2021 and December 2021, the amount of unclaimed financial assets grew by Ksh4 billion from Ksh51 billion.

    Further, in a report by the authority published on their website, it was revealed that UFAA received a total of 6,000 claims in 2021 with the institution remitting Ksh1 billion to the rightful owners.

    Among the institutions that hold the money include banks, mobile money, insurance companies, and pension schemes.

    The rising amount of unclaimed assets has been blamed on Kenyans who fail to inform their beneficiaries of their investments. Upon death, the assets become idle and are reverted to the authority.

    UFAA was created to manage unclaimed financial assets with the aim of safeguarding the assets and giving back the assets to the rightful owners.

    “UFAA was created to administer unclaimed financial assets. Our primary mandate is to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners,” read a statement on the authority’s website.

    Claims to the authority can be made by the original owners of the property, beneficiaries of property such as kin of deceased individuals, and agents of asset owners.

    Upon making successful claims, the assets are usually transferred to a bank account of the claimant.

    Unclaimed Financial Assets Authority CEO John Mwangi.
    Unclaimed Financial Assets Authority CEO John Mwangi.
    Daily Nation
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