Home News UFAA holding unclaimed assets worth millions of shillings

UFAA holding unclaimed assets worth millions of shillings

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[UFAA Logo. Photo/Courtesy/UFAA].

The Unclaimed Financial Assets Authority is holding unclaimed assets worth Sh400 million for three Coast counties Kilifi, Kwale and Taita Taveta.

The authority CEO John Mwangi said the asset is among cash they are holding so far valued at Ksh. 13.1 billion, 1451 safe deposit boxes and Ksh. 555.5 million units of shares made up of unclaimed dividends, shares, wages, dormant bank accounts, gift vouchers and life insurance policies.

Since its inception in 2014, UFAA has received claims worth over Ksh.400 million from almost 7,000 claimants and has managed to reunite over half of them.

In a statement to the media, the authority said it has rolled out a major drive aimed at reuniting Kenyans with their unclaimed assets worth billions of shillings.

Coastal region will benefit from the drive which aims at educating people how they can search for, claim and be reunited with their unclaimed financial assets.

Mwangi said the authority has been conducting the first phase of the campaign in three Coastal Counties of Taita Taveta, Kwale and Mombasa.

Kenyans encouraged to visit UFAA website

He said the drive has been involving town hall sensitisation sessions with who would be beneficiaries and owners as it seeks to encourage people to check whether they are listed on the UFAA website-www.ufaa.go.ke and the short code SMS *361#.

“It is important for people to search if they are listed on our database which is accessible on our website or the short code. The big hurdle is that most people assume they do not have anything to claim or thinking it does not apply to them,” said Mr. Mwangi.

He said that the drive is also aimed at encouraging institutions to report any unclaimed asset such as an account credited with customer money or an undelivered cheque from a customer.

“UFAA will help identify owners and encourage them to claim such assets,” noted Mwangi.

He said 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.

“It is important that Kenyans are reunited with ‘lost and found’ assets, as it can greatly contribute to the economy of this country,” added Mwangi.