Kenyans can claim their Unclaimed Financial Assets—funds or property that have been abandoned or forgotten by their rightful owners over a specified period.
Questions have long lingered among Kenyans on what happens to money held in accounts of loved ones after their passing.
In Kenya, the Unclaimed Financial Assets Authority (UFAA) is mandated to receive unclaimed financial assets from holders of such assets, safeguard these unclaimed assets, and re-unite the assets with their rightful owners.
Unclaimed financial assets include dormant bank accounts, unclaimed dividends or shares, unclaimed insurance benefits, retirement benefits, utility deposits, and unpaid wages or salaries.
If you believe you have unclaimed financial assets, here is a step-by-step guide on how to claim them.
The first step in the claims process is to search whether you have any unclaimed financial assets. This can be done by visiting the UFAA website and using its online search tool, where you will be required to enter your ID number or name to check the database.
Once a match is identified, claimants are required to prepare the necessary supporting documents to proceed with verification and processing of the claim.
UFAA outlined detailed requirements Kenyans must meet when seeking to reclaim dormant funds and other assets, depending on whether they are the original owner, a beneficiary, a business entity, or an agent.
UFAA Explains How Kenyans Can Claim Unclaimed Financial Assets
Claiming as an Original Owner
For claiming as an original owner (4A), where the owner is alive, applicants must submit a completed Original Owner claim form (Form 4A) duly commissioned by a lawyer, and a completed Indemnity Agreement (Form 5), also commissioned by a lawyer.
They must attach an original official letter from the holder confirming remittance of unclaimed financial assets to the Authority, a certified copy of their National ID or passport (certified by a lawyer), and a copy of their KRA PIN certificate.
Claimants are also required to provide payment details through the Payment Details form, supported by a bank or M-Pesa statement of an active account or phone number, or a current deposit or withdrawal slip clearly showing the account or M-Pesa name and number.
Where there is more than one claimant, a joint payment statement or a letter of no objection is required.
In cases where names differ across documents or initials are used, an original affidavit must be provided.
For insurance-related claims, an original policy document from the insurance company is required, or an affidavit of loss if the policy is missing, misplaced, or untraceable.
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Claiming as a Beneficiary/Deceased Cases
For beneficiaries or deceased cases (4B), claimants must submit a completed Beneficiary claim form (Form 4B) commissioned by a lawyer, and an Indemnity Agreement (Form 5), also commissioned by a lawyer.
They must include an original official letter from the holder confirming remittance of unclaimed assets to UFAA, certified copies of their National ID or passport, and KRA PIN certificate.
They must also provide a copy of the death certificate and a Certificate of Confirmation of Grant obtained from the High Court of Kenya, or a Certificate of Summary Administration issued by the Public Trustee or Deputy County Commissioner.
An affidavit is required where names differ across documents or initials appear. Payment details must be provided through the Payment Details form, supported by bank or M-Pesa records clearly showing account details.
Where claims are processed through the Public Trustee or Deputy County Commissioner, they must complete and sign Form 4B, Form 5, and the Payment Details form, and attach a letter of no objection for payment into their accounts.
Where a Certificate of Confirmation of Grant is used, all administrators must sign all forms.
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Claiming on Behalf of a Business Entity
For claims on behalf of a business entity (4C), applicants must submit a completed Business Entity claim form (Form 4C) commissioned by a lawyer, and an Indemnity Agreement (Form 5), also commissioned by a lawyer.
They must attach an original official letter from the holder confirming remittance of unclaimed assets to UFAA, and a CR12 from the Company Registrar showing current directors, or in the case of a self-help group, SACCO or society, minutes of the meeting appointing officials.
Certified copies of National IDs or passports of directors or officials are required, along with copies of their KRA PIN certificates.
Applicants must also provide a Certificate of Incorporation or Registration, and where applicable, a Certificate of Change of Business Name.
Payment details must be indicated in the Payment Details form, supported by a one-page bank or M-Pesa statement, current deposit slip, or withdrawal slip clearly showing account or M-Pesa details matching those provided.
Agent of an Owner
For claims by agents on behalf of a living owner (4D), applicants must submit a completed Agent for Owner claim form (Form 4D) commissioned by a lawyer, and an Indemnity Agreement (Form 5), also commissioned by a lawyer.
They must provide an official letter from the holder confirming remittance of assets to UFAA, certified copies of their National ID or passport, and KRA PIN certificate.
A registered Power of Attorney (registered at the Ministry of Lands) is required.
Payment details must be provided through the Payment Details form, supported by a recent bank or M-Pesa statement, deposit slip, or withdrawal slip clearly showing account or M-Pesa details.
Claiming for a Minor
Where the claim involves a minor, applicants must provide Form 4D, Form 5, and an official letter from the holder confirming remittance of assets to UFAA.
They must also submit certified identification documents, KRA PIN certificate, and a birth certificate or guardianship deed.
Payment details must be supported by bank or M-Pesa records, and where there are joint claimants, a joint payment statement or letter of no objection is required.
Once submitted, UFAA reviews all claims to verify entitlement, a process whose duration depends on the complexity and type of assets involved.
Upon approval, the authority releases the funds or transfers assets such as shares, insurance benefits, or other financial instruments to the rightful owner or beneficiary.
