Unprecedented figures reveal that the Unclaimed Financial Assets Authority (UFAA) is grappling with a substantial Ksh60 billion in unclaimed financial assets, with only Ksh2 billion claimed since the beginning of 2024, as communicated by UFAA Chairman Francis Njenga.

Njenga highlighted UFAA’s deliberative approach in unearthing and safeguarding these funds, mentioning the retrieval of Ksh32 billion in cash and Ksh31 billion in unit shares through collaborative efforts with government entities and media partnerships.

The authority’s initiative to protect these assets involved converting them into Treasury Bills and Bonds at the Central Bank of Kenya to mitigate potential misappropriation risks. Njenga emphasized the challenges faced in preserving these funds, cautioning against opportunistic exploitation.

CEO John K. Mwangi reiterated UFAA’s determination to expedite asset reunification processes, as Ksh241 billion in unclaimed assets from various organizations remains unsettled. The authority currently safeguards 1.7 billion shares worth Ksh30 billion, sourced primarily from banks, listed companies, telcos, insurers, pension funds, and Saccos.

To heighten public awareness and streamline the claims process, UFAA has joined forces with National Government Administration Officers (NGAOs) and state agencies for extensive sensitization campaigns nationwide. The agency aims to distribute between Ksh7-10 billion by 2028, emphasizing ongoing legislative maneuvers to accelerate claim settlements under the Unclaimed Financial Assets Act of 2021.