Govt Gives Kenyans 5 Days to Recover Assets Of Unclaimed Billions Of Wealth ///
The Unclaimed Financial Assets Authority (UFAA) has urged Kenyans to seize the opportunity to recover unclaimed deposits, bonds, dividends, and other financial assets by attending a five-day event at Kinoru Stadium, Meru.
The initiative, set to run from Monday, November 18, to Friday, November 22, seeks to reconnect citizens with their forgotten funds.
“Claim your lost and found items. Did you know you can easily discover lost and found financial assets for you, your organization, or your loved ones? Visit the Kinoru Stadium in Meru between November 18-22 to find out more,” read the UFAA notice.
Requirements for Recovery
To facilitate the claim process, attendees are required to bring specific documents, including their national ID, a death certificate, or a grant or organization registration certificate.
UFAA’s call to action follows revelations that the agency holds an astonishing Ksh60 billion in unclaimed financial assets from Kenyans. Board Chairman Francis Njenga disclosed that only Ksh2 billion has been reclaimed since January 2024, leaving the majority of the Ksh62 billion untouched.
Scope of Unclaimed Assets
Beyond individual claims, UFAA also oversees a staggering Ksh241 billion in unclaimed assets from both public and private entities. These include uncollected bail and bonds, deposits, dividends, and utility refunds, as well as benefits from retirement plans, annuities, and dissolved businesses.
Assets become unclaimed for several reasons, including neglect, inactive accounts, or forgotten documents. Instances of unclaimed dividends, insurance payouts, and refunds arise when individuals fail to update their contact details or overlook uncollected payments.
Neglecting to cash checks, update financial institutions with new addresses after moving, or misplacing essential documents like stock certificates are other common causes.
Legal Framework
Under the Unclaimed Financial Assets Act (No. 40 of 2011), claimants must file their requests, which are processed within 90 days. To be eligible, assets must have been dormant for over two years.
UFAA’s initiative is a timely reminder for Kenyans to secure what is rightfully theirs, with the Meru event providing a streamlined avenue to recover their long-forgotten assets.
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Govt Gives Kenyans 5 Days to Recover Assets Of Unclaimed Billions Of Wealth
