NAIROBI, Kenya, Oct 29 – The Unclaimed Financial Assets Authority (UFAA) has warned institutions holding on to unremitted funds that they risk hefty fines and audit fees if they fail to comply by the October 31 deadline.
UFAA Chairman Njenga Kigo said the Authority will begin audits in November, targeting companies, insurers, and universities that have not surrendered unclaimed assets as required by law.
“Friday 31 of October is the deadline. Once we get you, you will be penalized and pay the audit fee. If the audit gets you have the money, you will pay the penalties and benefits as well as the audit fee,” Kigo cautioned.
He revealed that UFAA recovers about Sh5 billion annually from unclaimed financial assets, though many rightful owners remain unaware of their entitlements.
Thus far, Sh1.9 billion has been remitted to the Authority.
“Holder institutions who keep such money are doing injustice to Kenyans because the rightful owners never get it,” Kigo said, urging compliance before the audit begins.
The warning follows the Auditor-General’s Performance Audit Report on UFAA, released in September 2025, which revealed that public and private institutions are still sitting on billions of shillings meant for remittance.
According to the report, the institutions collectively hold Sh5.08 billion in unclaimed assets, attracting Sh2.23 billion in penalties.
The University of Nairobi topped the list with Sh2.3 billion, followed by CIC Group PLC with Sh1.45 billion, and Equity Bank Ltd with Sh286 million.
Other entities named include Moi University (Sh171 million), Maseno University (Sh40 million), Kenyatta University, Egerton University, Pacis Insurance, Airtel Kenya, Total Kenya, Pioneer Assurance, WPP ScanGroup, Unaitas Sacco, Unga Group, Mwalimu National Sacco, and Geminia Insurance.
The audit also found that some universities faced penalties higher than the value of the assets held.
For instance, Carbacid Investments was fined 2,870 percent of its unremitted amount, while Moi University Retirement Benefits Scheme was fined 375 percent.
Auditor General in her report noted that excessive fines have discouraged some institutions from settling their dues.
“Failure to close compliance audits was due to imposition of heavy penalties on holders, thereby discouraging remittance,” the report said.
Under the Unclaimed Financial Assets Act, holders must surrender dormant accounts, unpaid dividends, matured policies, and other idle funds to UFAA after the prescribed dormancy period.
Kigo urged institutions to comply before the October 31 deadline or face full enforcement.
Likewise,he encouraged Kenyans to check the Authority’s online database to trace unclaimed assets belonging to them or their relatives.
