The worth of unclaimed assets in Kenya has hit Sh. 55 billion as owners keep off. This is according to the latest data from the Unclaimed Financial Assets Authority (UFAA). The authority is currently sitting on billions in idle cash, shares and dividends. It is also struggling to identify who the wealth’s original and legitimate owners are.
Data from the authority shows that it received 2,315 claims between October and December 2021. These claims were worth Sh. 270 million. Between 2014 and 2021, the authority has received 23,134 claimants seeking Sh. 1.5 billion.
“Claims amounting to Sh1.5 billion from 23,134 claimants have been received to date. Out of these, 13,940 claims (valued at Sh. 989 million), 23,920,854 units of shares, 35 safe deposit boxes and 15 Unit Trust have been reunited,” Ufaa said in a response to a query from a local business newspaper.
Former Vice-President Kalonzo Musyoka, Bungoma Senator Moses Wetang’ula, the late Bomet Governor Joyce Laboso and late First Lady Lucy Kibaki are among the list of prominent Kenyans whose funds have helped swell the unclaimed assets fund.
The unclaimed cash, shares and dividends surrendered to the State agency crossed the Sh. 50 billion mark in December 2020.
Billionaire business owners, former powerful government officials and prominent politicians are on the long list of individuals whose shares worth over Sh. 31.9 billion had been surrendered to the Treasury by June 2020. UFAA said that it had received Sh. 19.9 billion cash in local and foreign currencies up from Sh. 16.7 billion in June 2020. The money is largely held by insurance companies, banks, pension schemes, legal firms, mobile phone money wallets and saccos, among others.
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The table below shows the value of unclaimed assets in Kenya between June 2020 and February 2021.
| Description | As at June 2020 | As at Feb 2021 |
|---|---|---|
| Cash – Kes | 16.2Bn | 19.99 Bn |
| Cash -USD | 507982.1 | 751073.00 |
| Shares (Units) | 802.68Mn | 999 Mn |
| Value of Shares (Sh) | 26.32Bn | 31.99Bn |
| Safe Deposit Boxes | 1592 | 1953 |
| Total Estimated Value | Sh43.07Bn | Sh51.44Bn |
This value increased to Sh. 54.8 billion as at the end of December 2021. The authority is currently holding Sh. 23.1 billion in cash and Sh. 120 million in foreign currency.