NAIROBI, Kenya – Most of Kenya’s unclaimed financial assets are small sums that cost more to recover than they are worth, raising fresh concerns about the accessibility of the government’s claims process.
An audit by Auditor-General Nancy Gathungu shows that out of about 20 million unclaimed financial assets currently held by the Unclaimed Financial Assets Authority (UFAA), nearly 17.7 million — or 88.5 per cent — are valued below Sh1,000.
The most common are cash balances of less than Sh100, which account for 12.3 million records, or 61.5 per cent of the total.
Despite their small size, the cumulative value of these low-value assets is substantial, contributing to the more than Sh65 billion that UFAA is holding on behalf of citizens and organisations.
However, claimants of the smallest amounts face the same procedural and financial burden as those reclaiming high-value assets.
This includes travel costs, notarisation and certification fees — processes that can cost more than the value of the funds being recovered.
To lodge a claim, individuals must submit certified copies of their national ID and Kenya Revenue Authority PIN certificate, alongside a confirmation letter from the organisation that held the asset.
Certification alone typically costs around Sh500, making recovery economically unreasonable for many.
“Due to the non-differentiated nature of the claim process, apparent owners of relatively low-value assets incurred the same cost as high-value claimants. Consequently, fewer claims were lodged, leading to a low reunification rate,” Gathungu noted in her report.
The Treasury was faulted for failing to act on UFAA’s proposal to simplify procedures, including adopting a single standardised form that would remove the need for legal certification.
UFAA says reforming the process would ease the burden on claimants and help return more funds to the public.
While most of the balances are small, the audit also shows that unclaimed higher-value accounts exist.
Around 22,000 unclaimed records range between Sh100,000 and Sh500,000, while about 2,000 are valued between Sh500,000 and Sh750,000.
UFAA has only reunited about four per cent of the Sh65 billion with rightful owners as of August 2024.
Many of the assets come from forgotten bank accounts, utility deposits, insurance payouts, unclaimed dividends, pension benefits, or dormant mobile money wallets — some of which are reassigned after years of inactivity.
To improve access, the Auditor-General recommended that the Treasury expedite UFAA’s deployment to Huduma Centres, where claimants could obtain assistance more easily.
The authority has said it plans to expand its presence but is yet to hire the required personnel.
