By G, KNA
About 30,000 natural and legal persons associated with Kericho County are linked to unclaimed financial assets estimated to be worth between Sh1.2 billion and Sh3 billion, according to the Unclaimed Financial Assets Authority (UFAA).
The disclosure was made during a county-based reunification clinic held at Uhuru Gardens in Kericho town, as part of UFAA’s decentralization programme aimed at accelerating asset reunification and improving public access to claims services.
UFAA Manager for Stakeholder Relations and Corporate Communications, Dr. Paul Muuya, said the estimates are drawn from institutional records that identify asset owners using last known transactional addresses linked to Kericho County.
“Based on records submitted by reporting institutions, we have identified approximately 30,000 natural and legal persons associated with Kericho County who have unclaimed financial assets. While individual balances vary significantly, the aggregate value is conservatively estimated at between Sh1.2 billion and Sh3 billion,” Dr. Muuya said.
He explained that reunification of unclaimed assets has both household-level and macroeconomic significance, noting that funds returned to their rightful owners are reinjected into the local economy through consumption, education, health care and investment activities.
Unclaimed financial assets typically arise from prolonged inactivity on financial instruments. Once such inactivity exceeds statutory thresholds, the law deems the assets dormant and requires custodial institutions to transfer them to UFAA for safekeeping on behalf of the owners.
These assets include dormant bank deposits, unpaid salaries and wages, unclaimed dividends and shares, pension benefits, insurance proceeds, utility deposits and uncashed banker’s cheques.
Established under the Unclaimed Financial Assets Act, 2011, the Unclaimed Financial Assets Authority is a State Corporation under the National Treasury mandated to receive, safeguard and reunite unclaimed financial assets with their rightful owners or beneficiaries.
The Authority operationalized its mandate in 2015 and is anchored on the constitutional right to property, ensuring that ownership is preserved irrespective of the passage of time or changes in institutional custody.
Dr. Muuya emphasized that financial institutions and other asset holders are legally obligated to identify dormant accounts and remit the associated assets to UFAA annually, with the Government acting strictly as a Trustee on behalf of asset owners and their beneficiaries.
In an interview with the Kenya News Agency, Dr. Muuya explained that different asset classes mature into unclaimed status after specific statutory periods. Bank accounts become unclaimed after five years of inactivity, unclaimed dividends and shares after three years, unpaid salaries after one year, and banker’s cheques after five years, after which the assets are transferred to the Authority.
At the national level, UFAA is currently managing unclaimed financial assets valued at approximately Sh101 billion. This portfolio comprises more than Sh41 billion in cash holdings and about 1.9 billion units of shares, estimated at Sh60 billion based on prevailing market valuations.
“The Kericho clinic is part of a structured national outreach strategy designed to lower transaction costs for claimants, many of whom previously had to travel to Nairobi, where UFAA maintains its only physical office,” Dr. Muuya said.
He added that the Authority plans to extend the programme to additional counties, including Kakamega and Bomet, as part of a sustained effort to improve nationwide access to reunification services.
Under the one-stop model deployed during the clinic, claimants are able to verify asset ownership, identify originating institutions, obtain supporting documentation and complete claim processing with the assistance of lawyers, the Judiciary and the Office of the Public Trustee, all at no cost.
For individual claimants, a national Identity Card is required. Claims made on behalf of deceased owners must be supported by a Death Certificate and valid succession documentation, while registered entities such as companies, churches, schools and welfare associations are required to present proof of registration and identification of authorized officials.
Dr. Muuya encouraged the public to utilize digital access channels, including the USSD code *361#, the UFAA website and the e-Citizen platform, to confirm asset status before making physical visits to clinics or offices.
Among those accessing services was Simon Kiplangat Biwot from Uasin Gishu County, who commended the efficiency of the process and called for expanded grassroots sensitization to reach rural communities and elderly populations with limited access to digital information.
Dr. Muuya urged Kericho residents and those from neighboring counties to take advantage of the ongoing clinic, noting that timely reunification of unclaimed assets strengthens household financial resilience and supports broader economic activity within the county.