Agency launches awareness drive on unclaimed assets

The Unclaimed Financial Assets Authority (UFAA) has embarked on a sensitisation campaign in Embu county to ensure residents seek unclaimed assets that stand at Sh63 billion nationally.

Speaking during the launch of a three-day public sensitisation at Talent Academy in Embu town, UFAA Chairman Kigo Njenga said they are currently safeguarding Sh33 billion in cash and another Sh30 billion in shares as unclaimed assets.

Dr Njenga who also addressed the National Government Administration Officers (NGAO) expected to help in the sensitisation campaign, revealed that the agency has already released Sh2 billion and aims to distribute Sh10 billion by the end of the year.

He said some unclaimed assets emanate from unsuccessful bank account openings, security deposits in judicial systems, and others who forget mobile banking pins.

"The economy is set to grow significantly if Kenyans collect the unclaimed assets that lie idle at the Central Bank of Kenya (CBK)," Njenga said.

UFAA Chief Executive Officer and Managing Trustee John Mwangi said to access the funds it requires ID verification and once confirmed, the process takes a fortnight.

Principal Magistrate Pauline Wangari, who works with the authority, encouraged Kenyans who have not collected their cash bails or bonds to do so.

On unclaimed assets of deceased kin, Wangari said that they guide claimants on legal procedures to obtain the same.

"Kenyans should resolve financial disputes through alternative justice systems and other dispute resolution mechanisms supported by the courts," she said.