The Unclaimed Financial Assets Authority (UFAA) is a state corporation under Kenya’s National Treasury, established by the Unclaimed Financial Assets Act (No. 40 of 2011). UFAA’s primary mandate is to manage unclaimed financial assets by safeguarding them and reuniting them with their rightful owners.
Examples of Unclaimed Assets
- Dormant bank accounts
- Unclaimed dividends and stock interest
- Utility deposits with power and water companies
- Unclaimed retirement benefits from insurers and pension administrators
- Unclaimed death benefits and insurance annuities
- Bail and bond money unclaimed from courts
- Deposits from collapsed institutions
- Uncollected lottery or prize money
Key Functions of the Unclaimed Financial Assets Authority (UFAA)
- Management of Unclaimed Assets: Receives, safeguards, invests, and disburses unclaimed financial assets.
- Reunification Efforts: Works with asset holders to reunite them with their unclaimed assets or facilitate surrender to UFAA.
- Asset Inspection: Conducts inspections to ensure accurate reporting of unclaimed assets by holders.
- Data Maintenance: Ensures all relevant information on unclaimed financial assets is accurately recorded and maintained in a comprehensive database.
- Custody and Rights: Assumes custodial rights over unclaimed financial assets on behalf of owners.
- Payment to Rightful Owners: Makes disbursements from the Unclaimed Assets Trust Fund to verified rightful owners as per the Act.
- Owner Notification: Locates and notifies owners regarding their unclaimed financial assets.
- Policy Implementation: Executes policies and procedures related to unclaimed financial assets.
Unclaimed Financial Assets Authority (UFAA) Contact Information
- Phone: 020 4023000, 0706866984, 0736559152
- Email: [email protected]
- Head Office: Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands, Nairobi
UFAA plays a crucial role in protecting unclaimed assets and reuniting them with rightful owners, thereby upholding the rights of asset holders and contributing to financial transparency and accountability.
Was this article helpful?
YesNo
