× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Value of unclaimed assets now Sh13b

NEWS
By Otiato Guguyu | November 29th 2018

The Unclaimed Financial Assets Authority (Ufaa) is holding Sh13 billion as owners and beneficiaries fail to claim their cash and securities.

Only 2.5 per cent of assets collected by the State agency have been claimed.

By this month, firms had surrendered Sh2.58 billion more in unclaimed financial assets as the 2018 compliance cycle ends, bringing the total cash withheld to Sh13 billion and 555.5 million shares.

Only 5,871 claims amounting to Sh327.09 million have been lodged with the authority.

Additionally, 205 safe deposits boxes are now being held by the authority, bringing the total to 1,451 abandoned treasure troves.

Ufaa Acting Chief Executive Caroline Chirchir said the agency had decided to use a mobile application to encourage claims.

“Ufaa has deployed a mobile accessibility platform to facilitate members of the public to search whether they are listed on the unclaimed financial assets database,” she said.

Under the former boss, Kellen Kariuki, who declined to renew her contract this year, the authority partnered with the Central Bank of Kenya to facilitate payments via the Real-Time Gross Settlement System (RTGS).

Settle payments

The RTGS was supposed to allow the authority to settle payments to claimants’ bank accounts from the Unclaimed Assets Trust Fund.

Ufaa said the mobile platform would deepen reunification by enabling phone users to interact with its database.

“Owners and beneficiaries of unclaimed assets can thereafter lodge claims of their hitherto ‘lost’ assets being held by the authority,” said Ms Chirchir.

The assets include unclaimed salaries and wages, royalties, client money and loan credits.

Share this story
Uhuru urges investors to tap into blue economy
President Uhuru Kenyatta urging investors and business leaders to take advantage of the blue economy by investing in it.
Absa Bank net profit for 3 months up 24pc
The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises.
.
RECOMMENDED NEWS
Feedback