- The Authority says it has managed to collect Sh57.5 billion worth of financial assets to date.
- Sh1.9 billion has been paid out in 2022.
Image: FILE
Hundreds of beneficiaries with unclaimed assets could soon get their shares if no objections are raised with the Unclaimed Financial Assets Authority.
The Authority, in a public notice, has expressed its intention of releasing the possessions held in various banks and institutions across the country to persons listed as administrators.
The assets, it states, shall be released within a month if no objections are raised.
“Notice is issued pursuant to regulation 12 of the Unclaimed Financial Assets Regulations, 2016 that the Unclaimed Financial Assets Authority has received claims for unclaimed assets from the following persons claiming as administrators of the estates of deceased persons and agents of the original owners,” the notice reads.
The notice dated September 15 is signed by the Authority's CEO John Mwangi who doubles up as the managing trustee.
It adds, “Further take notice that if no objection has been lodged at the offices of the Authority at the address below within 30 days of the date of publication of this notice, payment will be made to the aforementioned persons.”
Ufaa was created to administer unclaimed financial assets mainly held deceased.
Its primary mandate is to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners.
It is also charged with making payments out of the Fund to the rightful owners in accordance with the provisions of the Act as well as carrying out inspection of unclaimed financial assets to ensure accurate reporting.
Among the holders of these assets are banks, insurance companies and business firms.
Banks listed include Equity, Cooperative, Absa, KCB, Standard Chartered and National Bank of Kenya.
Also included are Safaricom, East Africa breweries, Sasini Plc, Nation Media Group and HFC group among several others.
The Authority says it has managed to collect Sh57.5 billion worth of financial assets to date with Sh1.9 billion having been paid out in 2022 out of the 28,320 claims made in the same year.
Holders of unclaimed assets are required to locate the owner and notify the owner about the assets, send written notices to the apparent owner at the last known address informing about the possession of the assets and make a report concerning the assets to the Authority.