Unclaimed assets in Kenya refer to financial assets that have remained unclaimed for a long period and are deemed abandoned under the provisions of the Unclaimed Financial Assets Act, 2011. These assets can range from dormant bank accounts and unclaimed dividends to uncollected lottery winnings. The Unclaimed Financial Assets Authority (UFAA) is responsible for managing these assets and reuniting them with their rightful owners.
Unclaimed assets arise when individuals fail to collect or access financial benefits for various reasons, such as forgetting about the accounts, misplacing documentation, or even passing away without informing their heirs. With an increasing number of unclaimed assets, UFAA provides an accessible platform for Kenyans to check and claim their forgotten or abandoned assets.
Examples of Unclaimed Assets
Unclaimed assets can come from a variety of financial sources, including:
- Dormant bank accounts with no activity over several years.
- Unclaimed dividends from stocks, shares, or investments.
- Unclaimed utility deposits with power and water companies.
- Unclaimed retirement benefits from insurers or pension administrators.
- Unclaimed insurance payouts such as death benefits or annuities.
- Uncollected prize money from lotteries or betting.
- Unclaimed bail and bond money deposited in courts of law.
- Unclaimed deposits from collapsed institutions.
If you suspect that you or a relative may have unclaimed financial assets, you can easily check through the available platforms set up by UFAA.
How to Check Unclaimed Assets in Kenya
There are two primary ways to check for unclaimed financial assets in Kenya: online through the UFAA website or via USSD.
(i) Checking Unclaimed Assets Online
To check unclaimed financial assets online, follow these steps:
- Log on to the UFAA website: Visit the Unclaimed Financial Assets Authority.
- Click on “Start Claiming”: This option directs you to the UFAA claims portal.
- Login/Register: If you have an existing account, log in. If you are a new user, register by signing up with your personal details.
- Search for the Asset Owner: After logging in, you can enter the official name of the asset owner in the search bar.
- View the Results: If any unclaimed assets are associated with the name entered, a list will appear.
- Claim the Assets: If you find assets that belong to you, you can start the claim process directly through the portal by following the provided instructions.
(ii) Checking Unclaimed Assets via USSD
You can also use your mobile phone to check for unclaimed assets through the UFAA’s USSD service:
- *Dial 361# on your phone.
- Follow the prompts: The system will guide you through each step.
- Register with your official details: Provide your name and National ID number.
- Receive a PIN: After registration, you will receive a PIN for further access.
- Redial *361#: After registering, dial the code again.
- Search for Unclaimed Assets: Select the option to search for unclaimed assets.
- Enter the Official Name or ID Number: Provide the name or ID number of the asset owner.
- View the Results: If there are any unclaimed assets linked to the name, they will be displayed for you.
Required Documents for Claiming Unclaimed Assets
Once you have identified your unclaimed assets, you will need to provide the following documents to process the claim:
- Signed Consent Form: A form consenting to the claim process.
- Original Owner’s Claim Form (Form 4A): A duly commissioned form to verify ownership.
- Indemnity Agreement (Form 5): A duly commissioned indemnity form.
- Letter from Holder: A formal letter from the institution holding the asset confirming its remittance to UFAA.
- Certified Copy of ID or Passport: The claimant’s identification document must be certified by a lawyer.
- Copy of KRA PIN Certificate: A copy of the claimant’s Kenya Revenue Authority PIN certificate.
These documents ensure that UFAA adheres to legal standards and only releases assets to rightful owners or their beneficiaries.
Importance of Claiming Unclaimed Assets
Claiming unclaimed assets is important because it ensures that individuals and families recover funds or property that rightfully belong to them. These assets could be of significant value, and reclaiming them can prevent further loss or misuse. The initiative by UFAA also helps foster transparency in Kenya’s financial sector by ensuring that abandoned assets are properly accounted for and returned to their owners.
Unclaimed Financial Assets Authority (UFAA) Contacts
If you need assistance with the claim process or have further inquiries, you can reach UFAA through the following contacts:
- Location: Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands.
- Phone: 020 402 3000 / 0706 866 984 / 0736 559 152
- Email: info@ufaa.go.ke
The Unclaimed Financial Assets Authority has made it easier for Kenyans to identify and recover unclaimed financial assets through their online portal and USSD service. By following the simple steps outlined in this guide, you can easily check for unclaimed assets and take the necessary steps to reclaim what is rightfully yours. With UFAA’s continued commitment to transparency and accountability, more Kenyans can expect to recover dormant or forgotten financial assets that may have otherwise remained out of reach.
