The Unclaimed Financial Assets Authority (UFAA) has teamed up with National Government Administration Officers (NGAOs) to raise public awareness about the Sh62 billion in unclaimed assets being held in trust by the authority.
UFAA is leveraging NGAOs’ grassroots networks to enhance outreach efforts nationwide and increase the retrieval of unclaimed assets.
Speaking during a sensitization meeting with Mombasa Chiefs, UFAA Chairman CPA Francis Njenga reassured the public that all unclaimed assets received by the authority are secure and managed responsibly, with the goal of reuniting them with their rightful owners. He emphasized that the assets were stored in a safeguarded trust fund.
“We have a trust fund account at the Central Bank of Kenya, where every coin is placed. The funds are safe because they are guaranteed by the Government of Kenya,” said Njenga.
He explained that UFAA relies heavily on local administrators, including Assistant Chiefs, Chiefs, Assistant County Commissioners, Deputy County Commissioners, and County Commissioners, to assist in verifying claims.
Njenga further highlighted UFAA’s collaboration with the Judiciary to expedite succession cases. He noted that ongoing discussions with the National Assembly aim to fast-track cases involving deceased persons, as required by the Unclaimed Financial Assets Act of 2011, which mandates the authority to verify grants.
“We have proposed amendments to our Act and regulations, making it easier to access your money. It will become a one-stop shop,” he added.
The chairman encouraged Kenyans to claim their unclaimed assets, noting that UFAA has so far disbursed only Sh2.5 billion. In its strategic plan for 2023-2028, UFAA aims to settle Sh7 billion in claims.
“We understand the economic hardships people are facing. UFAA aims to support the Bottom-Up Economic Model by providing much-needed financing,” Njenga said.
UFAA CEO and Managing Trustee, John Mwangi, emphasized the importance of sensitizing the public during a week-long outreach in Mombasa. He explained that unclaimed financial assets originate from various institutions, including commercial banks, SACCOs, pension funds, mobile money, utilities, and dividends from capital markets.
“After a specified period, if the owner or holder of the asset does not claim it, the law requires the holder to remit the funds to UFAA, along with the details of the beneficiaries,” explained Mwangi.
UFAA has received Sh32 billion in cash and Sh1.7 billion in shares, with a market value of approximately Sh30 billion, creating a global portfolio of Sh62 billion.
Mwangi added that NGAOs would play a key role in educating the public on how to verify and claim their unclaimed assets using their established networks.
Upon verification, claims are processed within two weeks, with funds disbursed through mobile money or bank transfers. In the case of deceased individuals, succession processes must be completed before funds are released.
Mwangi expressed optimism about the progress, noting that many people were coming forward to claim their assets, though many claims involved deceased cases requiring succession.
The law mandates institutions to review their books by June 30 each year to identify unclaimed assets and check for dormancy.
By November 1, such assets must be submitted to UFAA, which uploads the information on its website and USSD platforms.
“In cases where claims aren’t made, the funds are held in perpetuity. If the original owner cannot be located, their relatives can claim the assets through succession, ensuring the money is never lost,” Mwangi explained.
Mombasa County Commissioner Mohamed Noor commended UFAA for educating the public and urged residents to check the status of assets left by their loved ones.
He confirmed that chiefs would serve as UFAA’s agents to guide citizens in how to claim their assets.
The public can check the status of unclaimed assets via the USSD code *361# or the UFAA web portal at www.ufaa.go.ke.
