Slightly over Kshs 1.7 million has been processed and released to various claimants out of the Kshs 64.3million worth of claims received by close of June 2016.
This development comes as a fulfillment of the Unclaimed Financial Assets Authority (UFAA) mandate to reunite unclaimed assets with its rightful owners. Payment of claims marks a milestone of the regime that is taking root in the country and the determination and commitment of the Authority to make reunification of hitherto unclaimed assets a success.
While commissioning payments via the Real-Time Gross Settlement Systems (RTGS) in partnership with the Central Bank of Kenya (CBK), the Authority CEO Kellen Kariuki observed that unclaimed financial assets regime has come full circle “from receiving, safeguarding and reuniting unclaimed assets with the rightful owners.”
“We are excited about making reunification of deemed ‘lost assets’ come true. Rightful owners have finally found there lost treasure,” she said.
RTGS platform allows the Authority to settle payments to the claimant’s bank accounts within a short period of time from the Unclaimed Assets Trust Fund. Unclaimed Assets Trust Fund receive and hold unclaimed financial assets remitted by holding institution once they are deemed unclaimed.
Approximately 1,667 claimants have filed their claims to date. The number of claims and value of assets claimed is expected to gradually grow owing to efforts being made to sensitize the public on the need to claim their assets, as well as sensitizing the holding institutions on the mandatory responsibility of submitting unclaimed assets to the Authority.
Asset type being claimed range from unclaimed insurance maturity, dormant accounts, bankers’ cheques, salary arrears, government bond interests, mobile money (Mpesa, Yu Cash, Airtel money), deposit for utility services, pension benefits, matured deposits, credit balances/creditors balances to cash and shares.