Market News

Unclaimed cash of less than Sh0.5m payable at counties

John Mwangi.
Unclaimed Financial Assets Authority CEO John Mwangi (right). PHOTO | SALATON NJAU  

Kenyans seeking reimbursement of less than Sh500,000 from the Unclaimed Financial Assets Authority (Ufaa) can now apply for payment through the deputy county commissioner’s office.

This means there is no need of going to court to seek consent for own cash or by beneficiaries of a deceased whose estate is declared unclaimed after a more-than-two-year stay at a bank, company, pension dues or mature insurance policies, among other amounts surrendered to the Ufaa.

Chief executive John Mwangi said this was aimed at easing the cost burden and shortening the process usually pursued by relatives seeking hold of a deceased relative’s cash.

“For purposes of reunification (payment of monies claimed), we encourage members of the public whose circumstances may dissuade them from, on their own motion, seeking to be appointed administrators by court, to seek assistance of the Public Trustee, or his agent, in lodging claim of assets held by the authority,” he said.

Mr Mwangi said payment of unclaimed assets through Public Trustee apply only in instances of beneficiary claim — when the apparent owner is deceased.


“This means beneficiaries seek assistance via the Public Trustee who receives unclaimed assets (cash) as the administrator of the estate of the deceased,” he said.

The Public Trustee may issue a certificate of summary administration stating that the estate is below Sh500,000 is thus entitled to administer the estate without a grant of representation from a court. The move will see the agency pay out the claim to the Public Trustee as administrator of the estate for onward submission to the beneficiaries.

Mr Mwangi said beneficiaries would have their names published in the Kenya Gazette for payments to the claimant after 30 days.

The Ufaa holds Sh13.1 billion in cash surrendered by banks, corporate firms, insurance companies among others with 1,451 safe deposit boxes containing jewellery, cash and even firearms while custodial registrars surrendered 555.5 million shares, thought to be worth about Sh40 billion.