Home Business UFAA taps huduma centres to speed transfer of unclaimed assets

UFAA taps huduma centres to speed transfer of unclaimed assets

PHOTO | File

The Unclaimed Financial Assets Authority (UFAA) is targeting to reunite unclaimed assets worth at least Ksh 20 billion to rightful owners using Huduma Centre outlets across the country.

The first phase of the reunification drive in partnership with Huduma Kenya targets three counties of Nakuru, Nyeri and Kiambu.

UFAA Chief Executive Officer John Mwangi said the “Claim your ‘Lost and Found’ Cash Karibu Nawe” campaign which is underway in Nakuru County seeks to encourage members of the public to check the status of any unclaimed financial assets registered in UFAA database using the short code *361# or official website.

“We are leveraging on Huduma Kenya infrastructure to reach wananchi at mashinani. This is a great opportunity to fasten the reunification process as Huduma centre will act as the Authority’s points of contact for people enquiring about their ‘lost and found’ assets,” said Mwangi.

UFAA currently holds unclaimed financial assets comprising Ksh 27.28 billion in cash and 1.2 billion units of unclaimed shares.

The authority has also reunited about Ksh. 2 billion and 39.7 million units of shares with rightful beneficiaries.

“We are hoping that by the end of this drive, at least three quatres of these monies will have been reunited with rightful owners. It is imperative that these monies are plowed back into the economy,” he added.

The drive is further aimed at encouraging holding institutions in possession of a financial asset on behalf of an owner such as banks, insurance companies, saccos to submit and surrender unclaimed financial assets in their possession.

“Huduma Kenya’s vision is to see Government services accessible to all citizens. This partnership brings UFAA services closer to mwananchi through one of our channels, the Huduma Mashinani Outreach,” said Benjamin Kai, Huduma Kenya CEO.

Similarly, the authority has deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims, and automated backend processing to enhance reunification.

Website | + posts