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The Authority shall kick off the first phase of the campaign starting next week Monday at three coastal Counties of Mombasa, Kwale and Taita Taveta/file

Kenya

UFAA in a major drive to reunite owners with their ‘lost’ assets

The Authority shall kick off the first phase of the campaign starting next week Monday at three coastal Counties of Mombasa, Kwale and Taita Taveta/file

NAIROBI, Kenya, Apr 26 – The Unclaimed Financial Assets Authority (UFAA) is rolling out a drive to reunite Kenyans with their unclaimed assets worth billions of shillings.

The Authority shall kick off the first phase of the campaign starting next week Monday at three coastal Counties of Mombasa, Kwale and Taita Taveta.

Additionally, the drive will also involve town hall sensitization sessions with beneficiaries and owners as it seeks to encourage people to check whether they are listed on the UFAA website-www.ufaa.go.ke and the shortcode SMS *361#.

UFAA’s Chief Executive Officer John Mwangi said Kenyans should make an appointment of confirming if they are listed on the institution’s database.

“It is important for people to search if they are listed on our database which is accessible on our website or the shortcode. The big hurdle is that most people assume they do not have anything to claim or thinking it does not apply to them.”

The drive is also aimed at encouraging institutions to report and unclaimed assets such as an account credited with customer money or an undelivered cheque from a customer.

UFAA will help identify owners and encourage them to claim such assets.

The Authority is currently holding unclaimed cash valued at Sh13.1 billion, 1451 safe deposit boxes and Sh55.5 million units of shares made up of unclaimed dividends, shares, wages, dormant bank accounts, gift vouchers and life insurance policies.

Out of this, the three counties of Mombasa, Taita Taveta and Kwale counties collectively have unclaimed assets worth over 400 million.

“It is important that Kenyans are reunited with ‘lost and found’ assets, as it can greatly contribute to the economy of this country,” added Mwangi.

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Since its inception in 2014, UFAA has received claims worth over Sh400 million from almost 7,000 claimants and has managed to reunite over half of them.

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