The Unclaimed Financial Assets Authority (UFAA) has rolled out a reunification clinic that’s aimed at assisting as many Kenyans to claim their unclaimed financial assets.
The clinic, set to be held at the KICC in Nairobi, will also assist those who’ve already started on the process to follow up and get immediate assistance to recover their assets.
The clinic will offer an end-to-end service where one will be able to check for the unclaimed financial assets in their name and, if they find any, can be taken through the entire process till reunification at the clinic.
According to the UFAA, unclaimed financial assets are projected to be worth Sh241 Billion.
Mr. John Mwangi, the Authority’s Chief Executive Officer, explained that the Authority’s mandate is to bring closure to ‘lost and found’ financial assets, receive unclaimed financial assets, safeguard, and re-unite the assets with their rightful owners, who are sometimes unaware of their abandoned treasure.
“The number of claimants re-unified determines UFAA’s performance. “So far, the Authority has collected Sh20.3 billion in cash, Sh1.2 billion in shares, received 6,000 claims, and paid out Sh1 billion in 2021,” Mwangi said.
He stated that the Financial Services Sector has the largest holding of unclaimed financial assets, accounting for around 62 per cent of overall unclaimed financial assets, with predicted unclaimed financial assets of Sh156 billion over the next five years.
*This article was written by Gerald Gekara for Uzalendo News. Email: uzalendonews24@gmail.com to submit your story.
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