NAIROBI, Kenya- Have you ever wondered if you might have unclaimed money waiting for you?
The Unclaimed Financial Assets Authority (UFAA) in Kenya is working hard to make sure that billions of shillings in unclaimed assets find their rightful owners.
And they’re not doing it alone. In a strategic move, UFAA has partnered with the National Government Administration Officers (NGAOs) to ramp up public awareness and simplify the process of reclaiming these funds.
Kenya’s UFAA is holding a whopping KSh62 billion in unclaimed financial assets, a sum that has accumulated from dormant bank accounts, unclaimed dividends, and forgotten pension funds, among other sources.
The funds are securely held in a trust fund account at the Central Bank of Kenya, and the Government guarantees their safety.
But here’s the thing—most people don’t even know they have money sitting out there, waiting to be claimed.
To tackle this issue, UFAA is leveraging the extensive grassroots networks of NGAOs, including Chiefs, Assistant Chiefs, and County Commissioners, to reach people where they are.
Speaking at a sensitization meeting in Mombasa, UFAA Chairman CPA Francis Njenga emphasized that the authority’s goal is to reunite these assets with their rightful owners, and that the collaboration with NGAOs is a key part of this strategy.
“We have a trust fund account at the Central Bank of Kenya, where every coin is placed. The funds are safe because they are guaranteed by the Government of Kenya,” said Njenga.
One of the biggest challenges in reclaiming unclaimed assets has been navigating the complex legal and administrative processes involved.
UFAA is well aware of this and has been working closely with the Judiciary to expedite succession cases, especially those involving deceased persons.
Ongoing discussions with the National Assembly aim to further streamline these processes, making it easier for Kenyans to access their money.
UFAA has also proposed amendments to the Unclaimed Financial Assets Act of 2011 to make the entire process more user-friendly. The goal? To turn UFAA into a one-stop shop for all things related to unclaimed assets.
This means faster verification of claims and quicker disbursement of funds, whether through mobile money or bank transfers.
According to UFAA CEO and Managing Trustee John Mwangi, claims are now processed within two weeks, a significant improvement from the past.
For those wondering if they might have unclaimed assets, UFAA has made it easy to check the status. Simply dial the USSD code *361# or visit the UFAA web portal to find out.
And if the assets belong to a deceased relative, don’t worry—once the necessary succession processes are completed, the funds can be released to the rightful heirs.
By getting more money back into the hands of Kenyans, UFAA aims to provide much-needed financial support during these tough economic times. Despite having disbursed only KSh2.5 billion so far, the authority’s strategic plan for 2023-2028 aims to settle KSh7 billion in claims.
Mombasa County Commissioner Mohamed Noor has praised UFAA for their efforts to educate the public, urging residents to check the status of any assets left behind by their loved ones.
Chiefs will now serve as UFAA’s agents, helping citizens navigate the claim process.
So, if you think you might have unclaimed assets—or just want to check—take a moment to verify. You might just discover a pleasant surprise waiting for you.
