FINANCIALS

UFAA, Interior ministry partner to address unclaimed assets

The initiative aims at sensitizing owners of unclaimed assets to make claims.

In Summary
  • The initiative will run for the next fifty days reaching out to members of the public across the country to take up unclaimed financial assets in custody of the authority.
  • The campaign will also sensitize holding institutions to report and surrender unclaimed financial assets as per the UFA Act 2011.

 

Kenya's new bank notes.
Kenya's new bank notes.
Image: ENOS TECHE

The Unclaimed Financial Assets Authority (UFAA) has partnered with the Interior Ministry in a Rapid Results Initiative to enhance nationwide reunification of unclaimed financial assets with owners and beneficiaries.

The initiative, which will run for the next fifty days, will involve a systematic engagement with National Government Administration Officers (NGAOs) reaching out to the members of the public across the country and rallying them to take up unclaimed financial assets in custody of the authority.

Through this collaboration, NGAOs will become directly involved in the reunification process by serving as UFAA agents in order to ensure eligible Kenyans claim their assets at the grass root.

Local administrators will be required to identify, locate and notify apparent owners or beneficiaries of the existence of unclaimed financial assets and facilitate processing of claims with the authority.

Speaking on Tuesday during the launch ceremony, UFAA Chairman Richard Kiplagat noted the importance of the partnership with the ministry of interior in facilitating the re-unification agenda, saying it is a great opportunity for the government to turn back abandoned assets to their owners.

“As an authority, we are keen on ensuring that Kenyans lodge claims and get reunited with their ‘lost’ assets,” he said.

In addition to ensuring reunification is achieved, the campaign will also sensitize holding institutions to report and surrender unclaimed financial assets as per the UFA Act 2011. Holders reporting and surrender is envisaged to be on November 1, every year.

Cabinet Secretary Fred Matiang’i urged holder institutions to surrender abandoned assets as a matter of national importance. He noted that the government is keen to ensure that the interests of its citizens are protected at all times.

During the campaign, the public will be reminded to routinely update their records as a matter of basic good financial practice to ensure their assets are not deemed unclaimed or abandoned.

People wishing to find any unclaimed assets either belonging to them or family members are encouraged to check whether they are listed on the UFAA website.