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Kenya

UFAA Begins Transfer of Unclaimed Shares to a Central Depository Account

NAIROBI, Kenya, Sept 17 – The Unclaimed Financial Assets Authority says it has begun to move over 800 million units of unclaimed shares that remained uncollected by owners and beneficiaries to the Unclaimed Assets Trust Central Depository Account.

In a statement, the UFAA says the reported unclaimed shares have been in the custody of reporting institutions on instructions from the Authority.

Head of Corporate Communication Paul Muya says the Authority has since obtained a non-trading central depository agent license making it possible to now hold all unclaimed shares in one account.

Muya has encouraged owners and beneficiaries to continue checking with their holders and (or) registrars if their assets have been deemed unclaimed, adding that reunification of unclaimed financial assets will go on uninterrupted.

Other than unclaimed shares assets, UFAA is in custody of Sh16.7 billion in cash, 1,592 safe deposit boxes and assorted units trusts.

“Reporting and surrender unclaimed financial assets by all holders is mandatory and is due on or before November 1 every year. Holders are encouraged to file nil returns if applicable,” Muya said.

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