The Unclaimed Financial Assets Authority (UFAA) has in its possession more than whooping Sh. 60 billion in terms of cash and assets which it intends to release to the legitimate claimants.
UFAA Board Chairman Dr. Francis Njenga said the state agency has collected sh. 32 billion in cash and an additional sh 1.7 billion unit shares worth Sh. 31 billion.
The figure, he said, is part of abandoned cash and shares in financial institutions and mobile money companies which the agency has gone all out to collect and hand over to the rightful owners.
Dr. Njenga attributed the success in recovering the money from the institutions to partnership with other national government departments and the media which has enhanced voluntary submission of the assets.
He added the money has been secured at the Central Bank of Kenya (CBK) in the form of Treasury Bills and Bonds to ensure that it is not misappropriated as the agency looks for the rightful owners.
The chairman said they have really suffered to secure the money because there is a section of the community that believes that anything that is money should be stolen to benefit it.
Dr. Njenga said the agency has rolled out a partnership with the National Government Administration Officers (NGAO) and other state departments to create awareness so that the money is collected to ensure the money is handed over to the rightful owners.
Speaking in Kisumu during a sensitization meeting for NGAO officers, Dr. Njenga said so far UFAA has received over 30,000 claims with over Sh. 2 billion already paid out.
He added that the agency has rolled out regional clinics to sensitize Kenyans on the services while offering free legal assistance to initiate the process of reclaiming the money.
“We have a partnership with the Judiciary and we are appealing to all Kenyans to take advantage of this so that all succession cases are fast tracked for them to receive their money,” he said.
UFAA, he said has 21 million active accounts and through the various interventions, the agency targets to payout Sh. 7-10 billion by the end of the year 2028.
To reach the target, he said the agency was working with the National Assembly to review the Unclaimed Financial Assets Act 40 of 2021 to reduce the turnaround time of processing claims.
Njenga said they are currently taking between one to three weeks to process the claims.
‘With these reforms we hope to make payments where possible within a day,” he said.
He asked Kenyans to reach out to the agency and find out whether they have any unclaimed financial assets so that they can claim.
Njenga said this is the only institution that calls claimants to come and collect their money at no cost.
UFAA Chief Executive Officer (CEO) John Mwangi said the agency has organised a clinic in Kisumu from 16th-19th July to reach out to Kenyans in the area to check their status and know whether they have any unclaimed financial assets.
Mwangi lamented that they are holding a lot of money but most people are not aware.
‘That is why we are going out to look for them and if we find the original owners we pay them,” he said.
He said they are now incorporating the provincial administration in order to reach the grassroots level.
The CEO said unclaimed assets will always be in safe hands at the UFAA.
By Fredrick Odiero
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