January 24, 2022

Summary

Most of the unclaimed assets are attributed to failure by the deceased to inform the beneficiaries of the assets and the absence of Wills.

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Unclaimed Assets Hit Sh54 Billion

Unclaimed Assets Hit Sh54 Billion

Financial literacy for youth in Kenya

The Unclaimed Financial Assets Authority (Ufaa) is in possession of Sh54.8 billion, which remains unclaimed.

The amount is in cash, shares and dividends and the legitimate owners remain unknown.

Unclaimed assets include money in bank accounts that have been dormant for more than five years, bankers’ cheques not cashed and contents in safe deposit boxes unclaimed for more than two years.

According to Ufaa, it only received 2,315 claims between October and December last year worth Sh270 million.

Ufaa has a mandate to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners.

Claims amounting to Sh1.5 billion from 23,134 claimants have been received to date. Out of these, 13,940 claims (valued at Sh989 million), 23,920,854 units of shares, 35 safe deposit boxes and 15 Unit Trust have been reunited,” Ufaa.

The value of the idle assets grew from Sh50.9 billion in June last year to Sh54.8 billion in December.

The money is largely held by insurance companies, banks, pension schemes, law firms, mobile phone money wallets and Saccos, among others. The law requires the holding company to search for the rightful owners before declaring it unclaimed and forwarding it to the Ufaa.

The Authority is also in possession of Surrendered safe boxes that are believed to contain jewelry, title deeds, share certificates and Treasury bills, which it says rose to 2,949 units from 2,873 in June.

Most of the unclaimed assets are attributed to failure by the deceased to inform the beneficiaries of the assets and the absence of Wills.

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