Absa Bank Kenya has issued a warning of its intent to transfer billions in unclaimed assets to the government.
In a notice shared on April 23, Absa said that dividends and shares which have not been claimed for a period of three years or more will be termed as abandoned assets.
“All present and former shareholders of the Company and dividends are hereby notified that pursuant to the provisions of the Unclaimed Financial Assets Act No 40 of 2011 Parts II and III, dividend and shares which have not been claimed for period of three (3) years or more will require to be delivered to the Unclaimed Financial Assets Authority as abandoned assets on the appointed date,” Absa said.
Furthermore, the preferred method of payment for unclaimed dividends which are below Ksh 200,000 is through M-PESA.
Absa Directs Shareholders on How to Receive Payments
Subsequently, Absa directed shareholders who wish to receive their dividend through M-PESA and had not registered for the mode of payment to dial *483*038# or contact Share Registrar, Custody & Registrars Services Limited.
“Therefore, all present and former shareholders with unpaid dividends are requested to urgently contact the Share Registrar, Custody & Registrars Services Limited at IKM Place, Tower B, 1st Floor 5th Ngong Avenue, Nairobi or Tel +254 20 760 8216 or Email: [email protected].
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The average share price of Absa Plc is Ksh 12.8o while its dividend is at Ksh 1.35 per ordinary share payable net of withholding tax.
For three consecutive years, the bank has been recognized by the Top Employers Institute as a stellar employer whose people policies enrich the workplace both in Kenya and Africa.
What Does Unclaimed Financial Asset Authority Do?
The Unclaimed Financial Assets Authority (UFAA) is an organization that oversees unclaimed financial assets in Kenya.
However, its primary purpose is to safeguard and manage assets that have been left unclaimed by their rightful owners.
UFAA is also responsible for identifying, safeguarding, and managing unclaimed financial assets such as dormant bank accounts, insurance policies, shares, dividends, and other financial instruments.
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It further ensures that these assets are properly accounted for and made available for rightful claimants.
Therefore, individuals, financial institutions, and companies are supposed to report unclaimed assets to UFAA.
The reporting process further involves providing details of the assets, including the owner’s information, account numbers, and other relevant data.
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