Secrecy in handling financial matters among family members has
frozen Sh40 billion in cash and securities surrendered to the State
after lying idle in company accounts.
This is despite
ongoing campaigns by the Unclaimed Financial Assets Authority (Ufaa)
handling funds surrendered by banks, saccos, telcos, companies — being
savings, unpaid royalties, unclaimed matured policies, salaries and
wages, client monies and loan credits.
Only Sh327 million has since been claimed by 5,871 claimants despite ongoing sensitisation campaigns across the country.
Ufaa
chief executive Caroline Chirchir said families should check whether
their deceased or retired relatives had left some money stashed in a
bank, sacco, mobile money accounts or invested in insurance policies,
securities as well as mutual funds.
“There is no
deadline to claim what is legally yours. Just log in to our website
www.ufaa.go.ke or dial *361# (available on Safaricom) to search for the
status of unclaimed assets under your own name or a relative’s name.
Where you verify the existence of surrendered funds, lodge a claim,” she
said.
Ms Chirchir also disclosed another Sh2.58 billion had been surrendered this year bringing the total cash to Sh13 billion.
The
Ufaa also received 100 million units of share securities bringing the
total of stocks held to 555.5 million units, indicating a lack of
knowledge among family members (or level of secrecy) about their
breadwinners, siblings or children’s financial activities.
The
agency added that it had also received 205 safe deposits boxes
containing cash, title deeds, firearms, jewellery, and share
certificates among other valuables.
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