The Unclaimed Financial Assets Authority (UFAA) is a Kenyan regulatory body mandated to oversee the administration of unclaimed financial assets (UFA) in the country. UFAA is tasked with collecting these assets from holding institutions such as banks, insurance companies, and businesses and reuniting them with their rightful owners or heirs. This guide walks you through what qualifies as unclaimed financial assets, how to claim them, and how you can prevent your own assets from becoming “unclaimed” in the first place.
What are Unclaimed Financial Assets?
Unclaimed financial assets include money or property that has been left inactive by its owner for a legally specified period. Some common types of unclaimed financial assets include:
- Dormant bank accounts
- Unclaimed dividends and stock interests
- Unpaid wages
- Utility deposits (electricity, water, etc.)
- Retirement and insurance benefits
- Deposits from defunct companies
- Unclaimed prizes or lottery winnings
When are Assets Considered “Unclaimed”?
Assets are classified as unclaimed based on the Unclaimed Financial Assets Act (2011) after a period of inactivity, typically due to the death, negligence, or relocation of the owner. The timeframes vary:
- Bank deposits: 5 years of inactivity
- Insurance policy benefits: 2 years after they become due
- Utility deposits: 2 years post-service termination
- Unpaid wages: 1 year from the date payable
Steps to Claim Unclaimed Financial Assets
1. Verify if You Have Unclaimed Assets
UFAA’s online portal offers a convenient search tool to check if you, a deceased loved one, or a business entity has unclaimed assets. Owners and next-of-kin should search regularly to verify asset status.
2. Complete Required Forms and Gather Documentation
Based on your claim type, UFAA has specific forms and documents needed. These are the main claim categories:
- Original Owner Claims: For asset owners claiming their own property.
- Deceased Owner Claims (Next of Kin): For heirs or personal representatives.
- Agent on Behalf of Living Owner: For individuals claiming as authorized agents.
- Minor Ownership Claims: For parents or guardians claiming on behalf of minors.
- Business Entity Claims: For directors or authorized agents of a business.
Each form type is available for download on UFAA’s website and must be duly commissioned and notarized where specified.
3. Submit Supporting Documentation
- Identification Documents: Certified copies of national ID, passport, or incorporation documents for businesses.
- Proof of Relationship: If claiming as a beneficiary, submit a death certificate, grant of letters of administration, or guardianship deed.
- Account Information: Bank account statements, utility deposit receipts, or dividend receipts that substantiate the claim.
- Authority Confirmation: An official letter from the holder confirming remittance to UFAA may be required.
4. Submit Your Claim to UFAA
Claims can be submitted online via the UFAA website, where they will be processed within 90 days. UFAA offers bank transfer options as no cash payments are made directly by the Authority.
5. Await Claim Verification
UFAA assesses each claim within the stipulated 90-day period and issues a written decision. Approved claims are settled by electronic transfer to the claimant’s verified bank account. If a claim is denied or delayed beyond the 90 days, claimants have the right to seek further action in court.
Preventing Your Assets from Becoming Unclaimed
To avoid your assets being marked as unclaimed, consider the following preventive measures:
- Regularly update contact information with financial institutions and service providers.
- Stay active with your accounts by making regular deposits or cashing small dividends, as required.
- Document key financial information for easy access by family or legal representatives.
- Establish clear directives in your will or estate planning documents, and inform your next of kin of these arrangements.
Final Thoughts
Unclaimed financial assets in Kenya are common, often due to factors like forgetfulness, relocation, or poor record-keeping. UFAA ensures that these assets are safeguarded and reunited with rightful owners, who can claim them indefinitely. The process is streamlined for both direct owners and beneficiaries, making it crucial for Kenyans to stay vigilant in managing their financial accounts and records to safeguard their property.
For further assistance, you can reach out to UFAA through:
- Phone: +254-20-4023000
- Email: info@ufaa.go.ke
- Website: UFAA Online Portal
Staying proactive about your assets and utilizing UFAA’s resources can help protect your financial legacy, ensuring it remains accessible for both you and future generations.
