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.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
