The Unclaimed Financial Assets Authority (UFAA) has asked Kenyans to recover their money amounting to about Ksh 63 billion, currently held at the Central Bank of Kenya.
UFAA chairperson Francis Njenga indicated on Monday that the authority will be at the Moi Stadium in Embu on Wednesday, where Kenyans may claim the assets.
"We have a total of Ksh.63 billion out of that, Ksh.33 billion is in cash and 1.7 billion shares worth Ksh.30 billion," he said.
Speaking to journalists in Embu, Njenga stated that the authority has visited Thika, Kisumu, Nyeri, Kirinyaga, Nakuru, and Murang'a, where Kenyans can collect their money.
"Since we began this program to reach out to Kenyans with unclaimed assets, we have paid over Ksh.2 billion in assets, and by the end of the year, we want to have paid out Ksh. 10 billion," said Njenga.
He noted that claims take 7 to 14 days to complete, and Kenyans can file them by dialing *361# or going to the UFAA website.
Njenga stated that the authority seeks to improve the availability and accessibility of services at lower levels and collaborate closely with the existing Huduma Kenya Service Delivery infrastructure.
He asked banks, insurance firms, and other financial institutions that have unclaimed assets for two to five years and have been unable to trace the owners to transfer them, depending on the nature of the item.
"Failure to do so, the culpable institution will pay twice the amount under the Kenyan law," he said.
Unclaimed financial assets are those that have been presumed abandoned and have become unclaimed assets under the terms of Sections 4–18 of the UFA Act.
It also includes items transferred to the Authority as unclaimed assets and those designated unclaimed assets under any other law and owed to the Authority.
It includes all income, dividends, and interest but excludes legitimate charges.
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