Assets-Sensitization
The Unclaimed Financial Assets Authority (UFAA) has partnered with the National Government Administration Officers (NGAOs) to sensitize the public to collect Sh62 billion being held in trust by the authority.
UFAA is banking on the administrators’ grassroots network to ramp up sensitization efforts across the country to increase the uptake of unclaimed assets.
The Authority Chairman CPA Francis Njenga said during a sensitization meeting of Mombasa Chiefs that they received all unclaimed assets, safeguarded them and unite them with the rightful owners assuring that the money was kept safely and it could not be misappropriated.
“We have a trust fund account at the Central Bank of Kenya. This is the account where every coin is placed. When this money is placed there, it is safe because it is a guaranteed fund by the Government of Kenya,” assured the Chairman. He said UFAA heavily relied on Assistant Chiefs, Chiefs, Assistant County Commissioners, Deputy County Commissioners, and County Commissioners for verification of claims.
Njenga said UFAA has also partnered with the Judiciary to fast-track succession cases. Talks are ongoing with the National Assembly to fast-track cases of deceased persons as the Unclaimed Financial Assets Act, 2011 directs the Authority to reconfirm grants.
“A grant before it is given is confirmed by other processes. We have got amendments to this Act of ours and also we have launched amendments to the regulations with the Cabinet Secretary for National Treasury where it will be so easy to get your money. It will be like a one-stop shop,” said CPA Njenga.
The chairman urged Kenyans to collect their money as they have so far managed to pay only Sh2.5 billion. He noted that in its third strategic plan for 2023-2028, the Authority targets to pay Sh7 billion in claims. “We know the problems that people are facing, the economic hardships that are there in this country. We want to become the first institution, and we are, that will provide financing for the Bottom-up Economic model,” said the UFAA Chairman.
The Unclaimed Financial Assets Authority (UFAA) Chairman CPA Francis Njenga speaking during the sensitization meeting of Mombasa Chiefs at the County Commissioners boardroom.
On his part, John Mwangi, CEO and Managing Trustee of UFAA said they were on a week-long sensitization of Mombasa residents about its mandates. UFAA has received unclaimed financial assets from various institutions. “Unclaimed assets are the money that the owners have left or forgotten in various institutions could be in commercial banks, SACCOs, Pension funds, Mobile Money, Utilities, or Dividends in capital markets,” explained the Managing Trustee.
He added that after a given period as stipulated in the law, if the owner and the holder of the asset does not get in touch, the law requires the holder of the asset to remit the money to the Authority with details of their beneficiaries. “We have received Sh32 billion in cash. We have also received Sh1.7 billion units of shares with a market value of about Sh30 billion hence a global portfolio of about Sh62 billion,” said the CEO.
“We felt it’s important to partner with other government agencies to be able to sensitize the general public on what we do and how people can claim this money,” he added. He said NGAOs were always with the people and would use their forums to educate the public on how they could check and claim their assets.
Mwangi noted that after verification of the original owner, the money would be remitted in two weeks through a mobile phone or bank account. For deceased cases, succession has to be done. “We are seeing a lot of positive traction wherever we go. A good number of people are coming forward but most of them are deceased cases and they have to do succession before they can claim their money,” he said.
The law provides for institutions to check their books every 30th of June to see if they have unclaimed assets and also check for dormancy period and on or before the 1st of November. Such assets found are then submitted to UFAA which then uploads the money on its website and USSD platforms.
“In case people don’t come, what our law provides is we hold that money in perpetuity. If you’re not there, your people will come and through succession, they will demonstrate that they are your people and they will be reunited with your assets. At no point in time does the money ever get lost,” elucidated the UFAA Managing Trustee.
County Commissioner Mohamed Noor thanked UFAA for educating Mombasa residents on its mandates. He advised residents to check on the status of assets left by their loved ones. “Our Chiefs will be the agents of UFAA. They will educate the citizens at the grassroots on how to claim the money,” said the County Commissioner.
The public can check the status of their claimed assets or for their departed loved ones through Un-structured Supplementary Service Data (USSD) *361# or through UFAA web portal www.ufaa.go.ke