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Safaricom surrenders Sh500m to unclaimed assets agency
Safaricom is handing over the money in compliance with the unclaimed assets law which requires companies, banks and utility agencies to surrender any assets that have been lying idle in their possession for periods defined by the law. PHOTO | FILE
Telecoms operator Safaricom is set to hand over Sh500 million to the Unclaimed Financial Assets Authority (UFAA) in a move that will push the agency’s total cash holdings to Sh2 billion barely a year since it was established.
Safaricom said the money is from idle deposits in its popular mobile money platform M-Pesa held in phone lines that have been inactive for more than two years.
