Unclaimed Financial Assets Authority (UFAA) CEO Kellen Kariuki during the launch of unclaimed Financial Assets awareness creation in Nairobi.[Photo /standardmedia.co.ke]
The unclaimed cash being held by the government has risen to Sh10.4 billion from Sh8.75 billion over the last month following the increased number of companies that filed the unclaimed assets report towards the October 31 deadline.
According to unclaimed Financial Assets Authority ( UFAA), 87 more companies filed their reports last month with the unclaimed cash being denominated by Kenyan shilling that accounted for Sh10.1 billion ( 97.12 pc).
The unclaimed cash received in dollar form also recorded a paltry increase of Sh 55 million to hit Sh296 million.
UFAA chief executive Kellen Kariuki has said that its auditors will continue to work with the regulatory agencies to ensure that all the reports are fully scrutinized thus ensuring all the unclaimed assets are surrendered.
Ms. Kariuki has also called on Kenyans to regularly check on its website (www.ufaa.go.ke) in order to know the status of their deceased or missing family members. “Members of the public must continually visit the website to check whether any of their family members are listed in the unclaimed assets database. It is in the owners/beneficiaries interest that we hold information relating to the value of assets in confidence," said Ms. Kariuki.
The Kenya law requires all the private and public institutions to surrender all uncollected salaries, pensions, allowances, retirement benefits, securities and other monetary assets to the UFAA.
Kariuki has also noted that UFAA has been able to pay Sh56.5 million to claimants with claims worth Sh161.2 million under processing.
She has also asked those wishing to be refunded to show a full proof of their identity by filing an online application form through their website.
UFAA signed an agreement deal with the regulators that require companies applying for licenses to first clear with the firm before being allowed to continue operating.