UFAA announces pay out plans for unclaimed assets

UFAA Board members Mr. Gabriel Njenga (left), Chairman Mr. Katwa Kigen (center) and CEO Mrs. Kellen Kariuki (right) follow proceedings during a media briefing on plans to start paying claimants following the gazettement of regulations last Monday.

The Unclaimed Financial Assets Authority (UFAA) has announced plans to start paying at least Sh42 million to over 1700 claimants who have lodged claims for unclaimed financial assets with the Authority to date.

This follows the gazettment of Unclaimed Financial Assets Regulations, 2016.

The regulations were published in The Kenya Gazette on Friday February 5, 2016 pursuant to section 53 of the Unclaimed Financial Assets Authority Act, 2011.

While addressing a media conference at a city hotel early Monday (February 15, 2016), the Authority’s Chairman Katwa Kigen said the new regulations provides a legal framework for the Authority to finally begin paying claimants.

“The Authority is taking steps to facilitate payments immediately. Owners will be contacted to start receiving payments in the next few days,” he said.

The Authority has not paid any of Sh6 billion assets in its custody to date in the absence of the regulations that hitherto were being developed.

UFAA CEO Kellen E. Kariuki said the regulations cover holders and claimants’ guidelines.

“Regulations governing holders provide guidelines on reporting and surrendering assets,” she said. “On the part of claims guidelines, they outline claimants’ identifications details and supporting documents necessary for the Authority to pay claims.”

Kellen said the Authority has started to audit holders reports received during the just ended reporting period. Holders are required to file report covering up to June 30 by November 1 of every year.

She said that plans are underway to identify and pursue known holders who did not file report as require and start pursuing them for non-compliance according to law.

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Unclaimed Financial Assets Authority,
Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands, Nairobi.
P.O Box 28235-00200, Nairobi, Kenya.
Phone: 020 4023000, 0706866984, 0736559152
Email: info@ufaa.go.ke

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