Gov’t kicks off drive to release Ksh.31B unclaimed cash to rightful owners

The Unclaimed Financial Assets Authority (UFAA) and Huduma Kenya have rolled out a reunification exercise for abandoned cash worth billions of shillings.

The exercise, themed ‘Claim Your Lost and Found’ Cash Karibu Nawe’, is a continuation of a similar undertaking that the Authority and Huduma Kenya had begun earlier in the year, which is aimed at sensitizing members of the public on unclaimed financial assets and how to claim them.

The campaign will begin in Eldoret County and target three other counties, Murang’a, Kirinyaga, and Embu, in the coming weeks.

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.

It also aims to encourage holding institutions to submit and surrender unclaimed financial assets in their possession to avoid penalties and sanctions.

UFAA CEO John Mwangi said; “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 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.

For three days beginning November 15, UFAA and other government agencies under the umbrella of Huduma Centre will pitch camp at Central Primary in Eldoret County to offer reunification services.

“UFAA will progressively roll out the reunification drive to other counties to ensure all Kenyans have been reunited with their unclaimed financial assets,” said Mr. Mwangi.

The Authority currently holds unclaimed financial assets comprising Ksh.31 billion in cash and 1.2 billion units of unclaimed shares.

The State agency has deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims and automated backend 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.