The Unclaimed Financial Assets Authority was established to safeguard money and assets left behind in dormant accounts, unclaimed shares, dividends, pensions and policies—and to ensure they are eventually returned to their rightful owners. However, the authority is falling short of this mandate.
Latest data shows that UFAA is holding Sh36.3 billion in unclaimed assets, yet only six per cent has been returned to owners since 2014 when the authority began operations. This low disbursement rate points to a serious gap in public awareness and a complicated claims process that discourages follow-up.
Many Kenyans remain unaware that such an authority exists or that they may have money in its custody. Even those who do try to claim often face a long, costly and bureaucratic process. The fact that claimants are forced to go through lawyers, courts and local administrators—sometimes losing as much as 30 per cent of the money to the process—is unfair and unjust.
UFAA has taken steps to modernise its systems, such as providing a portal, USSD service and WhatsApp chatbot for asset searches. However, uptake remains low. A serious public awareness campaign is needed to bridge the information gap, especially among rural and older populations.
The authority must now shift focus from just holding assets to ensuring faster and fairer reunification with rightful owners.
Quote of the day: “I think when you spread the wealth around, it’s good for everybody.” —The first African-American president, Barack Obama was born on August 4, 1961.
