Kenyans Told To Collect Their Money As Ksh.63B Cash And Shares Yet To Be Claimed
The Unclaimed Financial Assets Authority (UFAA) is encouraging Kenyan citizens to retrieve their funds currently held at the Central Bank of Kenya.
On Monday, Francis Njenga, the chairperson of UFAA, announced that the authority will be present at Moi Stadium in Embu on Wednesday. Kenyans are encouraged to come and assert their ownership of 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,” Njenga stated.
Addressing reporters in Embu, Njenga mentioned that the agency has visited Thika, Kisumu, Nyeri, Kirinyaga, Nakuru, and Murang’a, where citizens have successfully retrieved their funds.
“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 mentioned that it takes 7 to 14 days for the claims to undergo processing, and individuals in Kenya can submit their claims either by dialing *361# or by accessing the UFAA website.
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Njenga expressed that the organization plans to enhance the presence and ease of access to services at lower tiers, while also collaborating closely with the existing Huduma Kenya Service Delivery structures.
He encouraged banks, insurance firms, and other financial entities holding unclaimed assets for a period of two to five years, which they haven’t been able to reconnect with the rightful owners, to submit the relevant information based on the asset’s characteristics.
“Failure to do so, the culpable institution will pay twice the amount under the Kenyan law,” Njenga stated.
Unclaimed monetary holdings encompass assets that are considered abandoned and have transformed into unclaimed properties by the regulations outlined in sections 4 to 18 of the UFA Act.
It encompasses objects that have been handed over to the Authority as unclaimed assets, as well as those considered unclaimed assets and obligated to be remitted to the Authority under any other legal provisions.
It comprises all earnings, along with the dividends or interest generated from them, while excluding any legitimate charges applied to them.
Kenyans Told To Collect Their Money As Ksh.63B Cash And Shares Yet To Be Claimed
