The Unclaimed Financial Assets Authority (UFAA) is holding more than Sh60 billion in cash and assets that it seeks to reunify with the rightful claimants.
UFAA Board Chairman Francis Njenga said the state agency has collected Sh32 billion in cash and an additional Sh1.7 billion unit shares worth Sh31 billion.
The figure, he said, is part of abandoned cash and shares in financial institutions and mobile money companies which the agency has gone all out to collect and hand over to the rightful owners.
Dr Njenga attributed the success in recovering the money from the institutions to partnership with other national government departments and the media which has enhanced voluntary submission of the assets.
The money, he added, has been secured at the Central Bank of Kenya (CBK) in the form of Treasury Bills and Bonds to ensure that it is not misappropriated as the agency looks for the rightful owners.
“We have really suffered to secure this money because there is a section of our community that believes that anything that is money should be stolen to benefit them,” he said.
To ensure the money is handed over to the rightful owners, Dr Njenga said the agency has rolled out a partnership with the National Government Administration Officers (NGAO) and other state departments to create awareness so that the money is collected.
Speaking in Kisumu during a sensitization meeting for NGAO officers, Dr Njenga said so far UFAA has received over 30,000 claims worth over Sh2 billion already paid out.
He added that the agency has rolled out regional clinics to sensitize Kenyans on the services while offering free legal assistance to initiate the process of reclaiming the money.
“We have a partnership with the Judiciary and we are appealing to all Kenyans to take advantage of this so that all succession cases are fast tracked for them to receive their money,” he said.
UFAA, he said has 21 million active accounts and through the various interventions, the agency targets to payout Sh 7-10 billion by the end of the year 2028.
To reach the target, he said the agency was working with the National Assembly to review the Unclaimed Financial Assets Act 40 of 2021 to reduce the turnaround time of processing claims.
“We are currently taking between one to three weeks to process the claims. With these reforms we hope to make payments where possible within a day,” he said.
He asked Kenyans to reach out to the agency and find out whether they have any unclaimed financial assets so that they can claim.
“This is the only institution that calls you to come and collect your money at no cost,” he said.
UFAA Chief Executive Officer (CEO) John Mwangi said the agency has organised a clinic in Kisumu from 16th-19th July to reach out to Kenyans in the area to check their status and know whether they have any unclaimed financial assets.
“We are holding a lot of money but most people are not aware. That is why we are going out to look for them and if we find the original owners we pay them,” he said.
– By Chris Mahandara, KNA
