Home Business Assets worth Ksh 63B unclaimed, says UFAA

Assets worth Ksh 63B unclaimed, says UFAA

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The Unclaimed Financial Assets Authority (UFAA) survey report shows assets worth 63 billion, with 33 billion in cash and 1.7 billion shares worth 30 billion stand to be claimed by Kenyans from the UFAA database.

The Authority has deployed the Unclaimed Financial Assets Management System (UFAMS) that will facilitate the online filing and tracking of claims and automated back end processing to enhance reunification.

UFAA rolled out reunification and campaign clinics in six different counties last year which saw Kenyans trace and recover Ksh 4.5 billion in cash.

It also encouraged holder compliance and remittance of unclaimed assets to the Authority.

“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. These amounts mark a 49 pc growth from the Ksh3.02 billion remitted in 2022,” said UFAA’s CEO, FA John Mwangi.

The reunification drive that ended in Embu County ,aims to also encourage holding institutions (those in possession of a financial asset on behalf of an owner like banks, insurance companies or Saccos) to submit and surrender unclaimed financial assets in their possession to avoid penalties and sanctions.

According to UFAA, claims processing and payment policies have been reviewed to accommodate a 30-day payment turnaround time.

Potential claimants are able to file for a claim using the short code the short code *361# or www.ufaa.go.ke, and can also pay through banks, SACCOs, mobile money and checks.