UFAA to reunite unclaimed assets with owners in four counties

 

The Unclaimed Financial Assets Authority (UFAA) has embarked on a drive to reunited unclaimed financial assets running into billions of shillings with rightful owners in four countries.

UFAA Chief Executive Officer John Mwangi said the three day exercise in collaboration with Huduma Centre aims to encourage members of the public to check unclaimed financial assets that the authority holds after being surrendered to it by various institutions.

“Our partnership with Huduma Kenya for the grassroots clinics is bearing fruit, going by the increase in the number of claimants coming forward. We are asking Kenyans to come out in large numbers and inquire about their ‘lost and found’ assets.”

The first reunification drive held in July which involved Nakuru, Nyeri, and Kiambu counties saw at least 3,088 Kenyans reunited with their lost finances.

The three-day reunification exercise will cover Eldoret, Murang’a, Kirinyaga and Embu counties.

“UFAA will progressively roll out the reunification drive to other counties to ensure all Kenyans have been reunited with their unclaimed financial assets,” he added.

The Authority currently holds unclaimed financial assets comprising Ksh 31 billion in cash and 1.2 billion units of unclaimed shares.

UFAA has further deployed the Unclaimed Financial Assets Management System (UFAMS) to facilitate online filing and tracking of claims and automated backend processing to enhance reunification.

Claims processing and payment policies have been reviewed to accommodate a 30-day payment turnaround time with rightful owners having various payment choices such as banks, SACCOs, mobile money, and checks.

BY RONALD  OWILI