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HomeMARKETSSMART MONEYWhere at Thou? Kenyans' Quest to Find Lost Wealth

Where at Thou? Kenyans’ Quest to Find Lost Wealth

Authorities holding unclaimed financial assets comprising Ksh31 billion in cash and 1.2 billion units of shares

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Unclaimed assets: The Unclaimed Financial Assets Authority (UFAA) and Huduma Kenya are rolling out a reunification exercise for unclaimed financial assets worth billions of shillings with their owners.

The exercise, themed Claim Your ‘Lost and Found’ Cash Karibu Nawe, is a continuation of a similar undertaking that the authority and Huduma Kenya begun earlier in the year, which is aimed at sensitizing members of the public on unclaimed financial assets and how to claim them.

The campaign will begin in Eldoret County and spread out to three other counties, Murang’a, Kirinyaga, and Embu, in the coming weeks.

The drive aims to encourage 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 and file a claim. 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.

“Our partnership with Huduma Kenya for the grassroots clinics is bearing fruit, going by the increase in the number of claimants coming forward,” UFAA’s CEO, FA John Mwangi, said. “We are asking Kenyans to come out in large numbers and inquire about their ‘lost and found’ assets.”

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The first reunification drive that targeted the counties of Nakuru, Nyeri, and Thika in the month of July saw at least 3,088 Kenyans get reunited with their ‘lost and found’ monies.

For three days beginning November 15, UFAA and other government agencies under the umbrella of Huduma Centre will pitch camp at Central Primary in Eldoret County to offer reunification services.  “UFAA will progressively roll out the reunification drive to other counties to ensure all Kenyans have been reunited with their unclaimed financial assets,” said Mr Mwangi.

The Authority currently holds unclaimed financial assets comprising Ksh31 billion in cash and 1.2 billion units of unclaimed shares. UFAA has deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims and automated backend 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.

Huduma Kenya marked 10 years of public service delivery on 7th November, 2023.  Kenyans have been urged to visit the three-day Huduma Mashinani to get started on the reunification process with their unclaimed assets.

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Bill Yaura is a Correspondent for Business Today. He can be reached on email: [email protected]
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