What happens to cash on M-Pesa or bank account balances after one passes away? Ordinarily, the holder of the finances will contact your next of kin, as indicated during the registration process.
The bank/telecom/insurer will then verify the identity of the beneficiary, and then facilitate the reunification of the unclaimed assets.
What if the company cannot reach the listed beneficiaries, or perhaps the claimant details do not match those given by the client?
The Unclaimed Financial Assets Authority (UFAA), in partnership with the Ministry of Interior, recently launched the Rapid Results Initiative to push for awareness of the authority.
The campaign targets the apparent ignorance of the custody and processes behind claiming the assets. The campaign will also remind the public of the importance of updating their records to make sure their assets are not deemed unclaimed.
Speaking on the launch of the Rapid Results Initiative last week, Interior CS Fred Matiang’i urged stakeholders to surrender abandoned assets in line with the public interest.
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The UFAA was established under the Unclaimed Financial Assets Act, No. 40 of 2011, the body is still finding its footing among citizens and institutions. The authority holds about KSh 13 Billion in cash and over KSh 200 Billion KSh in assets, belonging to almost one million people. The authority has processed claims worth KShs 421 million and 1.2 million shares from 6,667 claimants.
UFAA is a body responsible for reuniting Kenyans with abandoned assets from different holders. Financial institutions among other holders pass the assets to UFAA in the incident they cannot facilitate transfers to beneficiaries. Consequently, UFAA uses local agents to track and notify eligible dependents of their unclaimed assets.
