Unclaimed financial assets safe with UFAAWorldwide, as is the case in Kenya, unclaimed financial assets are held by the government until owners claim them. In Kenya, there exists the Unclaimed Financial Assets Authority (UFAA) - a state organ that receives abandoned financial assets from holding institutions such as banks, insurance companies, telecommunication firms, among others, on behalf of the Government. Framework Consequently, UFAA was established pursuant to an Act of Parliament drafted to provide a framework for the reporting and dealing with unclaimed financial assets - Unclaimed Financial Assets Act, 2011. Since its inception, the authority receives unclaimed financial assets and safeguards them in the Unclaimed Financial Assets Trust Fund. In a recent baseline survey commissioned by the authority, report data shows that the total number of possible unclaimed financial assets holders in the country is 477,000 while the total estimated unclaimed financial assets were Sh241 billion as at October 2018.

Source: Standard Digital April 27, 2019 23:03 UTC