The Unclaimed Financial Assets Authority has embarked on a nationwide drive to sensitise Kenyans on unclaimed financial assets and how to claim them.
The authority currently holds unclaimed financial assets comprising Sh31 billion in cash and 1.2 billion units of unclaimed shares.
Authority’s CEO John Mwangi said the first reunification drive that targeted the counties of Nakuru, Nyeri, and Thika in the month of July saw at least 3,088 Kenyans get reunited with their ‘lost and found’ monies.
He said the authority has now deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims and automated back-end processing to enhance reunification.
He said claims’ processing and payment policies have been reviewed to accommodate a 30-day payment turnaround time.
Speaking at Ihura stadium in Murang’a town during a three-day drive targeting residents, the CEO said rightful owners can be paid through banks, Saccos, mobile money and cheques.
“The drive aims to encourage 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 using the short code *361# or www.ufaa.go.ke, and file a claim,” Mwangi said.
The campaign also aims at encouraging holding institutions that possess financial assets on behalf of owners such as banks, insurance companies, or Saccos to submit and surrender unclaimed financial assets in their possession to avoid penalties and sanctions.
Mwangi said the authority is partnering with Huduma Kenya to have as many Kenyans as possible reunited with their unclaimed financial assets.
“Our partnership with Huduma Kenya for the grassroots clinics is bearing fruit, going by the increase in the number of claimants coming forward. We are asking Kenyans to come out in large numbers and inquire about their ‘lost and found’ assets.”
The authority will then head to Kirinyaga and Embu counties to continue with the reunification campaign.
Mwangi said UFAA will use the public engagement platform to inform Kenyans on the importance of claiming their abandoned assets and ensure over 80 per cent of owners are reunited with their assets.
Murang’a High Court presiding judge James Wakiaga said the Judiciary is holding uncollected bonds and bails amounting to over Sh5 billion.
Wakiaga said the Judiciary is partnering with UFAA to expedite the issuance of administration letters and other documents required for Kenyans to access unclaimed assets owned by deceased family members.