The Unclaimed Financial Assets Authority (UFAA) has revealed that over Ksh54 billion is lying unclaimed in various facilities.
Speaking in Nairobi on Wednesday, March 30, Public Service CS Margaret Kobia revealed that the owners of a huge chunk of the assets, valued at Ksh24 billion, cannot be traced.
This year's figure represents an increase of more than Ksh2.7 billion worth of assets as compared to data released in 2021.
Most of the assets are in form of matured insurance policies or bonuses and shares as well as mobile money.
During the event, Prof Kobia announced that the authority had partnered with Huduma Center to ease the process of accessing the assets by members of the public.
"Huduma Kenya and UFAA have partnered to facilitate deployment and decentralisations of Unclaimed Financial Assets Authority Services through Huduma service delivery channels.
"UFAA is working to increase the availability and accessibility of services by deploying the services facilitating receiving of assets from holders, the reunification of assets to their rightful owners and provision of information services," she stated during the event.
Apart from the newly launched Huduma Service, Kenyans can also lay claim to the assets through the authorities website at Ufaa.go.ke.
Individuals can claim on their own behalf, on behalf of an owner both alive or deceased, on behalf of a minor or on behalf of a business entity.
To make the claim, the applicants should register an account on the authority's website.
While making a claim on own behalf, an applicant is expected to complete form Original Owner(s) claim form (Form 4A) duly commissioned, complete Indemnity agreement (Form 5) duly commissioned and present an official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
Other requirements are the claimant’s national identity card or passport (Certified by a lawyer), a copy of the claimant’s KRA PIN certificate, the claimant's bank details as well as a bank Statement of an active account.
While claiming on behalf of another person who is deceased, one must present a complete form Original Owner(s) claim form (Form 4A) duly commissioned, a complete Indemnity agreement (Form 5) duly commissioned as well as the holder's identity card, KRA PIN certificate and certificate of death.
A certificate of Confirmation of Grant, a Bank Statement of an active account as well as an official letter received from the holder confirming remittance of unclaimed financial assets to the Authority are required.
When claiming on behalf of an owner who is alive, present a complete form Original Owner(s) claim form (Form 4A) duly commissioned, a complete Indemnity agreement (Form 5) duly commissioned as well as the holder's identity card, KRA PIN certificate and a registered power of attorney.
A certificate of Confirmation of Grant, a Bank Statement of an active account as well as an official letter received from the holder confirming remittance of unclaimed financial assets to the Authority are required.
When representing a minor, the claimant must show a complete form Original Owner(s) claim form (Form 4A) duly commissioned, a complete Indemnity agreement (Form 5) duly commissioned as well as the holder's identity card, KRA PIN certificate and the Guardianship deed.
The claimant's bank details and an official letter received from the holder confirming the remittance of unclaimed financial assets to the Authority are also important.
For a business entity, a claimant must present a completed business entity claim form ( Form 4C) duly commissioned, a completed Indemnity agreement (Form 5) duly notarized, a current form CR12 obtained from the Company Registrar indicating directors of a company and a certified copy of the directors’ national identity cards or passports (Certified by a lawyer).
Other requirements are copy of directors’ KRA PIN certificates, a certificate of incorporation, a business entity's bank details indicated on the claimant bank details form, as well as an official letter received from the holder confirming the remittance of unclaimed financial assets to the Authority.
