The Unclaimed Financial Assets Authority has surpassed its re-unification targets by Sh500 million.
The has reduced the amount the agency owes Kenyans to Sh63 billion, comprising of Sh33 billion in cash and 1.7 billion shares worth Sh30 billion.
The agency has in the recent times intensified its rollout of reunification clinics and campaigns aimed at encouraging members of the public to check unclaimed financial assets that could have been surrendered to the Authority in their name and are now sitting in UFAA’s database.
The exercise, themed Claim Your ‘Lost and Found’ Cash Karibu Nawe, which begun in 2023, is aimed at sensitizing members of the public on unclaimed financial assets and how to claim them.
Since the exercise kicked off last year UFAA has so far rolled out the campaign in six counties of Nakuru, Nyeri, Thika, Eldoret, Murang’a and Kirinyaga.
In the year ended June 2023, Kenyans traced and recovered Sh4.5 billion in cash from the Authority as a result of the increased campaigns.
“We are glad that the campaigns are bearing fruit, we have surpassed the Sh4 billion target that we had set to remit in the year 2023 by Sh500 million. These amounts mark a 49 percent growth from the Sh3.02 billion remitted in 2022,” UFAA CEO John Mwangi said.
Mwangi noted that the surpassed target was additionally attributed to the campaigns that encouraged holder compliance and remittance of unclaimed assets to UFAA.
The drive also aims to encourage holding institutions (those in possession of a financial asset on behalf of an owner, such as banks, insurance companies, or Saccos) to submit and surrender unclaimed financial assets in their possession to avoid penalties and sanctions.
UFAA will use the public engagement platform to educate and inform Kenyans on the importance of claiming their abandoned assets.
UFAA has just concluded the reunification drive in Embu County. The Authority had pitched camp at Moi Stadium for three days where hundreds of Embu residents turned up to try and recover their lost financial assets.
UFAA has deployed the Unclaimed Financial Assets Management System to facilitate online filing and tracking of claims and automated back end processing to enhance reunification. Claims processing and payment policies have been reviewed to accommodate a 30-day payment turnaround time. Rightful owners have an array of payment choices through banks, Saccos, mobile money, and checks.
UFAA remains committed to delivering its mission to Receive, Safeguard and Re-Unite unclaimed assets for social prosperity and economic development with all relevant stakeholders.
