Kenyans Urged to Claim Ksh82 Billion in Unclaimed Financial Assets
Kenyans have been urged to collect their unclaimed financial assets as the Unclaimed Financial Assets Authority (UFAA) faces an overwhelming Ksh82 billion in unclaimed funds.
The UFAA has called on those who have not yet claimed their financial assets to visit their offices and collect the money, as there is growing pressure to distribute the funds before the deadline passes.
“We are asking the rightful owners of this Ksh82 billion to come forward and claim their money. Our main responsibility is not just to hold onto these funds but to reunite them with their owners,” said UFAA Board Chairman Francis Njenga.
Despite UFAA’s efforts to safeguard these assets, only Ksh2 million is claimed on average each month.
Njenga emphasized that although the funds are safely stored in the Central Bank, it’s crucial for Kenyans to step forward and claim their assets to prevent the funds from piling up.
“We are doing everything to ensure the money is secure, but we need the owners to claim it. We handle an average of Ksh2 million or more in claims each month,” Njenga added.
UFAA also addressed concerns regarding the claims process, assuring the public that it is both straightforward and secure.
The process includes validation steps to ensure that only the rightful owner receives the funds. “We want to assure Kenyans that the process has been made easier and more transparent over time,” Njenga stated, responding to concerns that claiming assets might be difficult.
The UFAA also issued a warning to holders of unclaimed assets who have not yet remitted their claims, confirming that the reimbursement process has been streamlined.
An outreach program to inform and assist city residents began in Nairobi on Monday, February 17. This initiative is part of UFAA’s efforts to help people understand how to claim their lost financial assets.
Common unclaimed financial assets include uncollected bail and bond payments, unclaimed deposits, dividends, and interest.
Other lost assets may include utility deposits, death benefits, annuities, and funds from dissolved business entities.
Many people lose these assets due to neglect or a lack of awareness. For example, inactive bank accounts, investment accounts, or insurance policies that remain dormant for a long period can become unclaimed.
Under the Unclaimed Financial Assets Act (No. 40 of 2011), individuals who believe they are entitled to unclaimed financial assets must file a claim within 90 days of submission.
The assets must have been abandoned for more than two years before they can be claimed.
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