The Unclaimed Financial Assets Authority (UFAA) is urging Kenyans to reclaim their funds currently held at the Central Bank of Kenya, with an estimated total of Sh63 billion in unclaimed assets.
Chairperson Francis Njenga and the UFAA team have been actively guiding Kenyans in different regions on how to check if they have unclaimed assets listed under their names through the UFAA_Ke platform.
During an engagement in Embu on Monday, Njenga disclosed that out of the total unclaimed amount, Sh33 billion is in cash, while Sh30 billion is in shares, amounting to 1.7 billion shares.
The Authority has been conducting similar awareness events in various locations, including Thika, Kisumu, Nyeri, Kirinyaga, Nakuru, and Murang’a, emphasizing the importance of citizens reclaiming their funds.
Njenga affirmed the Authority’s commitment to the distribution of unclaimed assets, stating, “Since we began this program to reach out to Kenyans with unclaimed assets, we have paid over Sh2 billion in assets, and by the end of the year, we want to have paid out Sh10 billion.”
To expedite the claims process, Njenga encouraged citizens to utilize designated channels.
“Claims take 7 to 14 days to be processed, and Kenyans can file their claims by dialing *361# or by visiting the UFAA website,” Njenga stated.
He also outlined plans to enhance service availability and accessibility at lower levels, collaborating with existing Huduma Kenya Service Delivery infrastructures.
Njenga issued a stern warning to financial institutions, emphasizing that those holding unclaimed assets for two to five years must forward the details to the UFAA. Non-compliance with Kenyan law may result in the culpable institution paying double the amount.
Unclaimed financial assets, as defined by the UFAA, encompass abandoned assets presumed under the provisions of sections 4 to 18 of the UFA Act. This includes items transferred to the authority and those deemed unclaimed under other laws.
The UFAA covers all income, dividends, or interest associated with these assets, excluding any lawful charges.
UFAA, established under the National Treasury pursuant to the Unclaimed Financial Assets Act. No. 40 of 2011, operates with the primary mandate of receiving unclaimed financial assets from holders, safeguarding these assets, and reuniting them with their rightful owners.
