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Kenya’s Mysterious Millionaires Yet to Claim Sh63 Billion

UFAA has rolled out reunification clinics aimed at encouraging members of the public to check unclaimed financial assets

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The Unclaimed Financial Assets Authority (UFAA) is calling upon Kenyans to collect their monies currently standing at Ksh63 billion – Ksh33 billion in cash and 1.7 billion shares worth Ksh30 billion.

UFAA has rolled out reunification clinics and campaigns aimed at encouraging members of the public to check unclaimed financial assets that could have been surrendered to the Authority in their name and are now sitting in UFAA’s  database. Using the short code *361# or www.ufaa.go.ke potential claimants are able to file a claim.

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The exercise, themed Claim Your ‘Lost and Found’ Cash Karibu Nawe, which begun in 2023, is aimed at sensitizing members of the public on unclaimed financial assets and how to claim them.

UFAA has so far rolled out the campaign in six different counties (Nakuru, Nyeri, Thika, Eldoret, Murang’a, Kirinyaga) since the exercise kicked off last year, an initiative that is bearing fruits. In the year ended June 2023, Kenyans traced and recovered Ksh4.5 billion in cash from the Authority as a result of the campaigns.

“We are glad that the campaigns are bearing fruit,” said UFAA CEO, Mr John Mwangi, speaking in Embu during a reunification exercise, “We have surpassed the Ksh4 billion target that we had set to remit in the year 2023 by Ksh500 million. These amounts mark a 49 percent growth from the Ksh3.02 billion remitted in 2022.”

Mr Mwangi noted that the surpassed target was additionally attributed to the campaigns that encouraged holder compliance and remittance of unclaimed assets to UFAA. The drive also aims to encourage holding institutions (those in possession of a financial asset on behalf of an owner, such as banks, insurance companies, or Saccos) to submit and surrender unclaimed financial assets in their possession to avoid penalties and sanctions.

UFAA will use the public engagement platform to educate and inform Kenyans on the importance of claiming their abandoned assets.

UFAA has just concluded the reunification drive in Embu County. The Authority pitched camp at Moi Stadium for three days where hundreds of Embu residents turned up to try and recover their lost financial assets.

UFAA has deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims and automated back-end processing to enhance reunification. Claims processing and payment policies have been reviewed to accommodate a 30-day payment turnaround time. Rightful owners have an array of payment choices through banks, SACCOs, mobile money, and checks.

UFAA remains committed to delivering its mission to Receive, Safeguard and Re-Unite unclaimed assets for social prosperity and economic development with all relevant stakeholders.

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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