.jpg)
The Unclaimed Financial Assets Authority (UFAA) has turned to Huduma Centres in a bid to connect unclaimed assets with their rightful owners.
The state entity has been holding Sh55 billion in unclaimed assets and will be looking to link at least Sh20 billion through the centres across the country.
Of the Sh55 billion assets, only Sh2 billion has been linked up with their rightful owners.
UFAA chief executive John Mwangi said the first phase of the reunification drive in partnership with Huduma Kenya targets three counties of Nakuru, Nyeri and Kiambu.
The campaign has already started in Nakuru county under the theme ‘Claim your lost and found cash karibu nawe’.
“We are leveraging on Huduma Kenya infrastructure to reach wananchi at mashinani. This is a great opportunity to fasten the reunification process. Huduma centres will act as the authority’s points of contact for people enquiring about their lost and found assets,” said Mwangi.
The unclaimed financial assets comprise Sh27.28 billion in cash and 1.2 billion units of unclaimed shares.
The authority has also reunited about Sh2 billion and 39.7 million units of shares with rightful beneficiaries.
“We are hoping that by the end of this drive, at least three quatres of these monies will have been reunited with rightful owners. It is imperative that these monies are plowed back into the economy,” he added.
The drive is further aimed at encouraging holding institutions in possession of a financial asset on behalf of an owner such as banks, insurance companies, saccos to submit and surrender unclaimed financial assets in their possession.
“Huduma Kenya’s vision is to see government services accessible to all citizens. This partnership brings UFAA services closer to mwananchi through one of our channels, the huduma mashinani outreach,” said Benjamin Kai, Huduma Kenya CEO.
Similarly, the authority has deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims, and automated backend processing to enhance reunification.
According to UFAA, Kenyans, especially low-earning ones, were among the highest contributors to the billions lying idle.
Some of the targeted Kenyans in this drive had established accounts and neglected them.
Some moved out of their houses without claiming deposits, while others switched from one mobile money operator to another without clearing their airtime balances.
Unpaid wages, unclaimed gifts, check overdrafts, self deposits and life endowment insurance were among the assets which Kenyans abandoned.
“Some people switch from one mobile number to another, leaving balances to their mobile money. Some come in balances of data and airtime. That money is surrendered to us,” Mwangi explained.
Unclaimed financial assets include cheques, money orders, deposits, dividends, unpaid wages, shares and interest unclaimed over a period of one to five years as specified under the Act.
A holder has an obligation to report, pay, and deliver any unclaimed financial assets by November 1 of every year, for the period of 12 months preceding June 30. BY THE STAR