Unclaimed Financial Assets Authority reveals assets exceed Sh60bn

The Unclaimed Financial Assets Authority (Ufaa) has revealed that the total value of unclaimed financial assets has surged to over Sh60 billion. This sum includes Sh31 billion in cash and 1.7 billion shares valued at Sh30 billion.

Ufaa CEO John Mwangi, speaking at a press conference in Mombasa, explained that the increase from Sh55.6 billion to Sh62 billion is largely due to a rise in low-value assets that owners are less inclined to claim.

"We have received Sh32 billion in cash and 1.7 billion units of shares with a market value of about Sh30 billion, hence a global portfolio of about Sh62 billion," said Mwangi.

To address this issue, the authority has launched a nationwide campaign to educate Kenyans about unclaimed financial assets. This campaign involves collaboration with chiefs, the judiciary, and other national government administrative officers (NGAAOs) to reach families who may have lost loved ones and left behind financial assets.

"We felt it is important to partner with other government agencies to sensitise the general public on what we do and how people can claim these monies," Mwangi explained.

He mentioned, "Just being in Nairobi and waiting for people to come may not be the most optimal way, so we identified NGAAOs as key partners. They are always with the people and can inform them about unclaimed assets and how to claim them."

The campaign in Mombasa aims to educate NGAAOs on the process, who will then pass on this information in their communities.

Unclaimed Financial Assets Authority (UFAA)during a campaign in Mombasa with NGAAO officers. Photo: Farhiya Hussein

Mwangi noted that many unclaimed assets belong to living individuals who may not realise they have money waiting for them.

He says many people think these are assets of deceased individuals, but they have found that a lot of unclaimed assets belong to the younger generation.

These are people who frequently change phones and leave behind small amounts of airtime and data or those who open accounts seeking loans and forget about them if the loan is not granted.

While others deposit cash bail in court and forget to reclaim it upon release.

The authority is optimistic that with increased awareness and partnerships, more Kenyans will come forward to claim their unclaimed financial assets.