Kenyans have Sh82Bn in unclaimed wealth—Is some of it yours?
Some of the unclaimed financial assets include dormant account balances, uncashed cheque, shares and dividends, safe deposit box, utility bills and matured insurance policies
The Unclaimed Financial Assets Authority (UFAA) is urging Kenyans to step forward and claim over KES82 billion worth of wealth held in the Central Bank under unclaimed financial assets.
Some of the unclaimed financial assets include dormant account balances, uncashed cheque, shares and dividends, safe deposit box, utility bills and matured insurance policies. According to regulations, when funds go unclaimed, they are transferred to the UFAA to ensure protection until they are claimed by their rightful owners.
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"We are looking for the owners of this KES82 billion to come and pick the money. Our core mandate is not to receive the money and keep it; we receive and reunify the money with the owners. We urge Kenyans to come forward and demand the money,” UFAA Chairman Francis Njenga said.
He added, “This money belongs to Kenyans from all walks of life; from the Gen-Zs to the elderly people."
UFAA acting CEO and Managing Trustee Caroline Chirchir also reiterated the agency's dedication tosafeguarding the assets until they are claimed.
"The funds are safe and in the Central Bank, but for the years that one may not come, it is our responsibility to safeguard them. We do an average of almost KES2 million, or a million, in claims each month that the public comes to our offices to claim."
According to UFAA, the process of claiming the assets is rigorous, entailing validation and confirmation of the person claiming to ensure it is the correct candidate, but the process of reimbursement has been made easier over time.
According to the Unclaimed Financial Assets Act (No. 40 of 2011), one has to file a claim, which will be considered within 90 days of the date filed. However, the unclaimed financial assets must be abandoned for more than two years before one claims them.
To check for unclaimed assets, you can visit the UFAA website and navigate to the "Find & Claim" section, where you can select "Find Assets" and enter your personal details to search for any unclaimed assets under your name.
Alternatively, you can use the USSD service by dialing *361# on your mobile phone and following the prompts to check for unclaimed assets associated with your identity.
