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Kenya authorities seek owners of Ksh 63B worth of unclaimed assets

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You could be among thousands of Kenyans, who are legitimate beneficiaries of unclaimed financial assets valued at Ksh 63 billion according to latest data by the Kenyan government.

The Unclaimed Financial Assets Authority (UFAA) says it is currently in possession of unclaimed financial assets which include Ksh 33 billion in cash and 1.7 billion shares worth Ksh 30 billion which it is targeting to reunite with rightful beneficiaries.

In a bid to speed reunification of the state-held wealth with beneficiaries, UFFA 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 its database.

According to the authority, 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.

The campaign which has so far covered six counties including Nakuru, Nyeri, Thika, Eldoret, Murang’a and Kirinyaga has led to a significant amount of assets reunited with right owner.

In the year ended June 2023, Kenyans traced and recovered Ksh 4.5 billion in cash from the authority as a result of the increased campaigns.

“We are glad that the campaigns are bearing fruit, we have surpassed the Ksh 4 billion target that we had set to remit in the year 2023 by Ksh 500 million,” said UFAA Chief Executive Officer John Mwangi during the reunification exercise in Embu County.

According to Mwangi the surpassed target was additionally attributed to the campaigns that encouraged holder compliance and remittance of unclaimed assets to UFAA.

“These amounts mark a 49% growth from the Ksh 3.02 billion remitted in 2022,” he added.

The drive also aims to encourage holding institutions 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 says it continues to leverage public engagement platforms to educate and inform Kenyans on the importance of claiming their abandoned assets.

The authority 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 also 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.

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