UFAA to streamline claims process to boost uptake of unclaimed wealth

The Unclaimed Financial Assets Authority (UFAA) has attributed a complicated and expensive process to the low claims rate it has been experiencing.

The UFAA says it is exploring ways of making the claiming process easier and cheaper to encourage more people to reclaim their assets.

The Authority holds over Kshs. 23 billion worth of assets with 70% being claims of below Kshs. 5,000.

Since inception its seven years ago, the Authority has collected Kshs. 23 billion in unclaimed cash, 1 billion units of shares and 3,000 safe deposit boxes.

Of this, only Kshs.1 billion has been paid to the rightful owners.

To solve this, the Unclaimed Financial Assets Authority is exploring a policy change that will make the claiming process for small claims easier.

UFAA further plans to devolve its services through Huduma Centers and sensitize more Kenyans on surrendering or repossessing unclaimed assets. To this effect, the Unclaimed Financial Assets Authority has launched the first clinic that seeks to reunite more Kenyans with unclaimed assets.