Kenyans can now receive half-a-million shillings of unclaimed assets from counties.


Kenyans will no longer need to go 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 Unclaimed Financial Assets Authority (Ufaa).

Likewise, those seeking reimbursement of less than Sh500,000 from Ufaa will now apply for payment through the deputy county commissioner’s office.

Chief executive John Mwangi says payment of unclaimed assets through Public Trustee apply only in instances of beneficiary claim — when the apparent owner is deceased which means beneficiaries that the Public Trustee only receives unclaimed assets (cash) as the administrator of the estate of the deceased.

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.

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.

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