In May 2023, the Unclaimed Financial Assets Authority (UFAA) announced that Ksh52 billion worth of assets remained uncollected and proceeded to urge Kenyans to claim the money.
By March 13, 2024, the amount had increased by Ksh10 billion. At the time, Kenyans appeared not to have heeded the rallying call by UFAA Chairperson Francis Kigo.
One of the reasons that has been cited as hindering the claiming the idle assets was the unavailability of principal owners.
Fast forward to now, National Assembly Majority Leader and Kikuyu MP Kimani Ichung’wah has tabled a Bill seeking to amend the Unclaimed Financial Assets Act to allow a claimant (the owner of the assets) the power to designate payment of a claim to an alternative recipient should they not be available.
In the proposed amendment, Kenyans will be able to nominate beneficiaries who can claim the assets on their behalf.
The Unclaimed Financial Assets Act, of 2011, states, “Where a claim is allowed, the Authority shall pay over or deliver to the claimant the assets or the amount the Authority actually received or the net proceeds if it has been sold by the Authority.”
In the new amendment, Ichung’wah has proposed that the section be amended by inserting the words, “or such other person as the claimant may designate” immediately after the word “claimant”.
Should the Bill be approved by the National Assembly, the Authority will be able to release the Ksh62 billion abandoned cash to the claimant's next of kin or any other listed beneficiary.
This is captured in the Bill which seeks to amend Section 45 of the Act which had given the claimant sole privilege to receive the assets.
“Where the Authority is satisfied that a person is the owner of all or part of the assets that became unclaimed assets and paid into the Fund, the Authority may pay out of the Fund to the owner or such other person as the owner may designate an amount equal to the value of those assets or part of those assets as the case may be," the now to be amended section reads.
Kenyans who wish to know if they have any unclaimed assets with UFAA are advised to dial *361# and follow the prompts.
