LOST AND FOUND

UFAA to reunite owners with their ‘lost’ assets

In Summary

• The Authority is currently holding unclaimed cash valued at Sh13.1 billion.

• The initiative which is expected to kick off in three coastal Counties of Mombasa, Kwale and Taita Taveta on Monday.

UFAA chief executive John Mwangi
UFAA chief executive John Mwangi
Image: COURTESY

The Unclaimed Financial Assets Authority (UFAA) has rolled a drive to reunite Kenyans with their unclaimed assets worth billions of shillings.

The initiative which is expected to kick off in three coastal Counties of Mombasa, Kwale and Taita Taveta on Monday seeks to encourage people to check whether they are listed on the UFAA  website and use of  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,’’ UFAA CEO John Mwangi said.

The drive is also aimed at encouraging institutions to report and unclaimed asset such as an account credited with a customer money or an undelivered cheque from a customer.

The Authority is currently holding unclaimed cash valued at Sh13.1 billion, 1451 safe deposit boxes and Sh555.5 million units of shares made up of unclaimed dividends, shares, wages, dormant bank accounts, gift vouchers and life insurance policies.

The agency has received claims worth over Sh400 million from almost 7,000 claimants and has managed to reunite over half of them since 2004.