Kenya’s largest telco held Sh2 billion left behind by customers who have passed away. The money left in their M-Pesa mobile wallets is supposed to be passed on to their next of kin. The federal government is actively searching for the beneficiaries of the billions in unclaimed monetary property.
The information is based on the most recent monetary report from the Unclaimed Belongings Belief Fund (UAFT), additional indicating that industrial banks, listed companies, and telcos surrendered billions of shillings to the fund final 12 months.
Also Read: How To Check and Claim Your Unclaimed Financial Assets in Kenya
“With regard to receipts of unclaimed property, Sh3.6 billion was the extra money to the unclaimed property denominated in money, towards a goal of Sh4.8 billion,” stated the administration of the Unclaimed Belongings Belief Fund (UAFT) in a gazette discover.
Receipts from telecommunication firms in 2021 hit Sh2 billion, a 36pc annual increase. The worth of unclaimed shares at Nairobi Securities Alternate stood at Sh20.1 billion.
“General, nevertheless, the entire fund worth stands at Sh39.5 billion consisting of Sh19.5 billion in money property, Sh20 billion in shares, and Sh4.4 billion being retained reserves from revenue,” says UATF.
Safaricom, KCB Group, East African Breweries, and Co-operative Checking account for 75pc of the worth of unclaimed shares reported from 45 listed firms.
In response to UATF, asset holders had surrendered Sh5.5 billion, Sh3.9 billion, Sh2.7 billion, and Sh1.7 billion value of shares from the 4 blue chip shares respectively as of June final 12 months.
The Unclaimed Monetary Belongings Authority (UFAA) has faced criticism that the velocity of processing claims and making funds was lengthy and cumbersome, resulting in low ranges of reunification.
To address this, the UFAA launched service cubicles at Huduma Centres throughout the nation the place Kenyans can provoke claims for their kin’s unclaimed property.
In 2021, some 3,314 claims valuing Sh307.7 million have been settled, a 34pc increase from Sh228.7 million that was paid out in 2020.
“Whereas the present ranges of reunification have grown from a low of Sh34 million, the speed continues to be low,” UFTF stated.
“Administration has due to this fact put in place mechanisms to make sure the extent of reunification grows.”
The low claims have been attributed to many Kenyans dying without revealing to their kin all of the property they own.
