The Unclaimed Assets Trust Fund (UAFT) has revealed that deceased Kenyans left over Ksh2 billion in their mobile wallets, mostly in Safaricom’s M-Pesa.
The money entails the biggest percentage of Ksh3.6 billion submitted to the agency, that the government is seeking to reunite with its beneficiaries.
“With regard to receipts of unclaimed assets, Ksh3.6 billion was the additional cash to the unclaimed assets denominated in cash, against a target of Ksh4.8 billion,” said UAFT in a gazette notice.
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The value of unclaimed shares at Nairobi Securities Exchange (NSE) stood at Ksh20.1 billion.
“Overall, however, the total fund value stands at Ksh39.5 billion consisting of Ksh19.5 billion in cash assets, Ksh20 billion in shares and Ksh4.4 billion being retained reserves from income,” said UATF.
The four companies surrendered Ksh5.5 billion, Ksh3.9 billion, Ksh2.7 billion and Ksh1.7 billion worth of shares respectively as at June last year.
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As at June 2021, commercial banks had surrendered Ksh13.6 billion surrendered to the authority, an increase from Ksh10.9 billion the previous year.
Listed companies, insurance firms, Saccos and pension funds had surrendered Ksh3.2 billion, Ksh1.2 billion, Ksh44 million and Ksh29.3 million in unclaimed assets to the UATF as at last year.
In 2021, some 3,314 claims worth Ksh307.7 million were settled, a 34 per cent increase from Ksh228.7 million that was paid out in previous year.
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“While the current levels of reunification have grown from a low of Ksh34 million, the rate is still low. Management has therefore put in place mechanisms to ensure the level of reunification grows,” said UFTF in the notice.
In 2021, the Unclaimed Financial Assets Authority (UFAA) had received reports of 2,648 safety deposit boxes held by 17 commercial banks that remain unopened, an increase of 56 per cent from 2020.
The bulk of them – 77 per cent – are in Absa Bank (995), Bank of Baroda (576) and Standard Chartered Bank Kenya (477).
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