UFAA holds over Sh60 billion cash and cash-equivalent assets

Kerugoya

Thursday, December 14, 2023

KNA by Mutai Kipngetich 

The Unclaimed Financial Assets Authority (UFAA) is holding Sh. 33 billion cash and cash equivalent and 1.7 billion shares amounting to Sh. 30 billion making a total of over Sh. 60 billion.

The authority that came into operation in 2015 is mandated to receive unclaimed assets from the holders of such assets and safeguard and re-unite the assets with the rightful owners.

Speaking during the opening of 3-day sensitization and offering services to people at the grassroots at Kerugoya stadium in Kirinyaga County, UFAA Chairperson Dr. Francis Njenga said the authority intends to increase the availability and accessibility of services at lower levels as well as working closely with existing Huduma Kenya Service Delivery infrastructures countrywide.

The event dubbed “Reunification Clinic” will for the next 3 days offer residents of Kirinyaga the opportunity to search and file claims for unclaimed assets.

The chairman who also had a meeting with National Government Administration Officers (NGAOs) asked the officers to sensitize unclaimed assets and how to recover them in their public activities.

“Since we started our mandate in 2015, we have collected unclaimed cash around Sh 33 billion and 1.7 billion shares which is equivalent to Sh 30 billion. We have over Sh 60 billion to give out,” he said.

He also underscored the role of the judiciary as key stakeholders as they are custodians of some unclaimed cash bail. Furthermore, he called upon Kenyans to come and collect their money to create liquidity in the economy. Individuals can use USSD code*361# to access self-service at UFAA or the web portal (ww.ufaa.go.ke).

“I call upon Kenyans to come out and take their money. We have waited for them in Nairobi till we decided to come for them in their home grounds," he stated. 

It takes a maximum of 30 days to process and pay original owners with an array of payment options including through banks, saccos, mobile money, or cheques.

Moses Kanyingi, Equity Bank Manager Kerugoya, said they are dormant accounts and shares which are not helping anybody hence finding owners will help in making the money to circulate in the economy.

“Dormant accounts and shares have no value to our economy. This program by UFAA to come here will open more windows for money to circulate in our economy," the Manager said. 

Moses Karani, beneficiary, said the process offered by ufaa is short giving many opportunities to access the services. He added the clinic has reduced the expenses that were to be incurred in traveling to Nairobi.

Courtesy; KNA