Kenya:Bank deposits top unclaimed assets

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DORMANT bank deposits dominate the unclaimed assets being held by the government that are set to be paid out over the next few weeks.

The Unclaimed Financial Assets Authority has announced it will start paying beneficiaries of various unclaimed assets following publication of the Unclaimed Financial Assets Regulations, 2016 in the Kenya Gazette on February 5.

UFAA said the first amount of Sh42 million will get to 1,700 claimants. Out of the Sh42 million, 47 per cent is bank deposits, 41 per cent is in form of insurance policies, 10 per cent is unclaimed dividends while two per cent is other assets such as those in safe deposit boxes.

“Owners of these assets will be notified shortly to come forth and receive their payments. The remainder of claims require beneficiaries to submit more supporting documents to the authority to authenticate ownership,” said the authority’s chairman Katwa Kigen.

While the regulations have been gazetted setting the stage for payments to start, claimants will have to wait for a few more days for gazettement of supplementary regulations which contain proper details for the indemnity documents that claimants are supposed to fill to protect the authority after payment has been done.

Kigen said the actual payouts will start in about three weeks or less, as the authority awaits publication of the supplementary laws.

The authority holds a total of Sh6 billion in unclaimed assets but will only pay Sh42 million based on claims it has so far received.

UFAA chief executive Kellen Kariuki has asked the public to check on the authority’s website for any unclaimed assets due to them.

The authority, she said, is not responsible for looking for beneficiaries of various assets that lay unclaimed. A person interested in searching for unclaimed assets due to them will be required to pay Sh100 to get the information from the authority.

“Claimants or beneficiaries need to take initiative to identify instances where assets have not been paid to them. The authority.

By LOLA OKULO

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