Agency seeks owners of unclaimed assets

John Kihara Mwangi who has been appointed to the role of Chief Executive Officer (CEO) and Managing Trustee of Unclaimed Financial Assets Authority (UFAA) effective March 1, 2019.
The Unclaimed Financial Assets Authority (UFAA) has launched a campaign to have coast residents collect unclaimed assets estimated to be worth millions of shillings.

The authority will kick off the first phase of the campaign on Monday in Mombasa, Taita Taveta and Kwale counties.

Between them, the three counties have unclaimed assets worth Sh400 million.

According to UFAA Chief Executive Officer John Mwangi (pictured), the campaign will involve town hall meetings with would-be beneficiaries and owners.

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It will create an opportunity for residents to check whether they are listed on the UFAA website as potential beneficiaries of unclaimed assets.

“It is important for people to search if they are listed on our database, which is accessible on our website or the short code," said Mwangi.

"The big hurdle is that most people assume they do not have anything to claim,” he said.

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The campaign will also rally institutions to report unclaimed assets such as cash in bank accounts and undelivered cheques.

The authority is currently holding unclaimed cash worth Sh13.1 billion, 1,451 safe deposit boxes and Sh555.5 million in shares and unclaimed dividends, wages, dormant bank accounts, gift vouchers and life insurance policies.

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