UFAA Chairperson Begs Kenyans to Collect Abandoned Ksh52 Billion

A picture of a Kenyan counting money
A picture of a Kenyan counting money
AJ Kenyan Safaris

Unclaimed Financial Assets Authority (UFAA) chairperson Francis Kigo Njenga on Tuesday, May 30, implored Kenyans to collect their assets lying idle.

In a media interview, Kigo told Kenyans to confirm the status of any assets registered under their names using a short code *361#.

Explaining the recent push behind asking Kenyans to claim their assets, Kigo stated the money would be ploughed back into the economy once claimed.

"We want Ksh52 billion to go back to the mainstream economy because that it the main objective of having this unclaimed assets authority."

A photo of a person using ATM money to transact.
A photo of a person using ATM money to transact.
India Outlook

"We are in the process of telling people to come and get their money. We are doing a lot of advertisements, including printing names on the print media.

How The Money accumulated

According to the Unclaimed Financial Assets Authority, Kenyans, especially low-earning ones, were among the highest contributors to the Ksh52 billion lying idle.

Some of the targetted Kenyans had established accounts and neglected them. Some moved out of their houses without claiming deposits, while others switched from one mobile money operator to another without clearing their airtime balances.

Unpaid wages, unclaimed gifts, check overdrafts, self deposits and life endowment insurance were among the assets which Kenyans abandoned.

"Some people switch from one mobile number to another, leaving balances to their mobile money. Some come in balances of data and airtime. That money is surrendered to us.

"Others are people who handle travellers' checks, and after two years, the holder of that check is supposed to remit it. Others would have money orders, and after two years, those instruments are supposed to be surrendered to us," he detailed.

The authority also blamed partners who opened different accounts and failed to inform their dependants and next of kin. According to UFAA, only Ksh2 billion had been claimed by various individuals by December 2022.

Kigo announced a countrywide campaign and conferences to educate and inform Kenyans on the importance of claiming their assets. They also revealed plans to roll out the Huduma Centres services to help Kenyans regain their idle monies.

How to Claim

Kigo advised Kenyans to check their unclaimed financial assets using the short-code *361#. By following the stipulated procedures, all accounts holding the unclaimed assets.

To recover the funds, you can download forms from the agency's official website, fill in the details, and submit them to the UFAA.

William Ruto
President William Ruto while addressing African Private Sector Dialogue on the African Continental Free Trade Area (AfCFTA) in Nairobi on Monday, May 29, 2023.