These are assets that;
The law is retrospective to the date of holding institution incorporation.
You do not lose any financial assets once remitted to UFAA. Indeed, UFAA on behalf of the Government exercise the responsibility as “Bona Vacantia” (holder of assets in the public interest) and guarantee you an indefinite right of reunification. Heirs should constantly check for the status of deceased relatives.
Where a safe deposit box is forced open, the Authority shall bear the cost of the forced opening of the box and the repair of the box.
No. Any person can have unclaimed assets considering you may have put a deposit in a bank, rented a facility or earned wages.
A person claiming an interest in any assets paid or delivered to the Authority may file with the Authority a claim as prescribed by the Authority.
The Authority shall consider each claim within 90 days after it is filed and shall give written notice to the claimant of its decision.
Where a claim is allowed, the Authority shall pay over or deliver to the claimant the assets or the amount the Authority actually received or the net proceeds if it has been sold by the Authority.
A person who is aggrieved by a decision of the Authority or whose claim has not been acted upon within ninety days after its filing may bring an action in court against the Authority.
There is no limit for lodging a claim with us. Owners can claim their assets at any time.
According to section 3-18 of Unclaimed Financial Assets(UFA) Act, 2011 unclaimed assets have to meet the following conditions:
i. When records of the holder do not reflect the identity of the person enlisted to the assets.
ii. When the holder has not previously paid or delivered the assets to the apparent owner or other person entitled to the assets.
iii. The last known address, as shown on the records of the holder, of the apparent owner is in a country that does not provide by law for the escheat or custodial taking of the assets or its escheat or unclaimed assets law is not applicable to the assets and the holder is domiciled in Kenya.
iv. Other ways that assets become unclaimed:
• Poor record-keeping
• Relocation (Regional & global)
Also, note that assets are considered “abandoned property” when they appear to have been forsaken by their owner by virtue of no generated activity and to which it is presumed the owner has relinquished his or her interest to the property without vesting such interest
in another person or entity.
i. Be an active owner: cash cheques, dividends, and insurance benefits no matter how small.
ii. Keep making deposits into your accounts at least once a year to avoid having dormant accounts.
iii. Always inform all interested parties of a change in your address. Keep accurate financial records of bank
accounts, stocks, safe deposit boxes, and insurance policies.
It is important to have laws on unclaimed assets for the following reasons:
• A mandatory legal framework on unclaimed assets gives holders legal compulsion to manage these assets considering the interests of the owners.
•These laws reduce fraud by employees of holding institutions as well as reducing fraud and malpractice in such entities.
•The laws protect the interests of beneficiaries such as widows/ widowers, orphans and dependents among others.
A holder (or a holding institution) is an entity that is in possession of a financial asset on behalf of an owner. These institutions can be banks, insurance companies, businesses, etc.
Holders of Unclaimed Assets are required to:
• Make all reasonable efforts to locate the owner and to notify the owner about the assets.
• Send a written notice to the apparent owner at his last known address informing him that the holder is in
possession of the assets.
• Make a report concerning the assets to the Unclaimed Financial Assets Authority.
UFAA keeps money remitted by holders in a trust fund which is managed by the Authority. The Authority then reunites the funds with their owners.
These entities are responsible for identifying, segregating, reporting and remitting unclaimed assets to UFAA.
Money order or similar written financial/monetary instrument
2 years from the date of issuance
2 years from the date of issuance
Cheques, draft or similar instruments
2 years after it was payable or after its issuance
Demand, savings, matured time deposits, funds paid towards the purchase of a share, mutual investment certificate, any other interest in a financial institution.
Life or endowment insurance policy or annuity contract
2 years after the funds become due
Assets as a result of demutualization of an insurance policy
2 years after the date of demutualization
Deposits for utility services e.g electricity, water, etc
2 years after termination of the service
Order by a court for a refund by the holder
2 years after it became payable
Assets from a dissolved business entity
Assets held in a fiduciary capacity
2 years after they become payable
Gift certificate gift card or credit memo/note
1 year after they become payable
Assets held in safe deposit box or repository
2 years after the lease or rental period on the box or repository has expired
Find us at:
Pacis Centre, 2nd Floor, Slip Road, O Waiyaki Way
Post mail to:
UNCLAIMED FINANCIAL ASSETS AUTHORITY
P.O. Box 28235-00200, City Square, Nairobi.
You can call us during our business hours (weekdays from
8.00am -5.00pm) on:
+2547 0686 6984, +2547 3655 9152
020 4023 4400, 020 4343 4400
Email us on:
Fill the appropriate provided claim forms which can be downloaded online (www.ufaa.go.ke) or picked from UFAA’s offices and should be witnessed by Commissioner of Oaths as appropriate.
✔ 4A- Original Owner Claim
✔ 4B – Beneficiary Claim (Deceased cases)
✔ 4C – Business entity Claim
✔ 4D – Agent for owner claim
✔ Form 5 – Indemnity Agreement form
• Claimants Bank details form and one-page copy of recent Bank statement, deposit/withdrawal slip confirming bank account details provided
• An original official letter from holder confirming remittance of the unclaimed financial assets to the Authority
• Copy of claimant’s National ID card or passport, certified by a lawyer or magistrate
• Copy of claimants KRA PIN Certificate
• Original Affidavit if names differ between National ID, KRA PIN and holders documents or is initialed in any of the
May be required as appropriate
If you are filling form 4B please add
✔ Copy of death certificate (Illustrate)
✔ Certificate of confirmation of a grant (obtained from the
courts) or Certificate of Summary Administration
If you are filling form 4C please add: (Use Illustrations where
✔ Certificate of Incorporation/ Registration
✔ Certificate of change of name
✔ Copy of company’s KRA PIN
✔ Company signatories ID certified by a commissioner of oaths
✔ Company signatories KRA PIN certificates
✔ Copy of CR 12 obtained from Registrar General’s office showing current directors of the company
✔ Minutes of meeting appointing officials of Self Help group, SACCO/Societies
If you are filling form 4D please add:
✔ Registered Power of Attorney
✔ Copy of Birth Certificate (If claiming for minor)
✔ Copy of ID of the Donee and Donor
• Documents from foreign jurisdiction should be notarized by a Public Notary.
• Provide original Policy Document or Affidavit for loss if claiming Insurance Policy Maturities/ Benefits.
• If claiming an unclaimed bankers’ cheque, provide the
original cheque or affidavit for loss.
• A gazettement period of 30 days is required for Beneficiary and Agent for owner claims. If no objection is received in our offices within this period, the funds will be paid to the claimants after the gazettement period.