How Your Money Becomes an Unclaimed Asset and How to Claim It From Govt

The Unclaimed Financial Assets Authority (UFAA) holds over Ksh65 billion in unclaimed assets belonging to Kenyans, with the agency under the National Treasury noting that it struggles to reunite with its rightful owners. 

This struggle has been attributed to a lack of awareness among Kenyans and the perception that the process is tedious.

How Kenyans' Wealth Becomes an Unclaimed Asset in Kenya

The process is governed by the Unclaimed Financial Assets Act, which requires financial institutions, companies, schools, and other asset holders to surrender abandoned assets to UFAA.

Read more: What Happens to a Deceased Person’s M-Pesa Balance

An asset is considered presumed abandoned when the holder cannot contact the owner, or the owner has not taken any action on the asset within a specific period.

The time frames include bank accounts (5 years), insurance life policies (2 years), M-Pesa balances for deceased persons (2 years), Caution money held by public schools (1 year), SACCO funds or forgotten dividends (3 years, shares and unclaimed dividends (3 years), and Uncollected salary or terminal dues (1 year).

How to Claim Unclaimed Financial Assets From UFAA

Step 1: Search for the Assets

You can check if you or a family member has unclaimed property using:

• USSD: Dial *361#
• UFAA Website: Search using your name or ID number

This will show whether UFAA is holding any assets in your name or in the name of a deceased relative. However, you will be required to create an account with UFAA to search. The details needed include an ID and an email address.

Read more: Alarm as Unclaimed Wealth Held by Govt Rises to Ksh65 Billion

Step 2: Gather the Required Documents

Once you confirm an asset, prepare the following:

• Completed UFAA claim form (download from their website)
• A copy of your national ID or passport
• Your KRA PIN certificate
• Proof of remittance from the previous holder (e.g., bank statement, employer letter, dividend statement)
• Payment details where the funds should be deposited
• Indemnity agreement form (provided by UFAA)
• An affidavit if your name differs across documents
• For next-of-kin claims: additional documents such as a death certificate, proof of relationship, or letters of administration may be required

Step 3: Submit Your Claim

You have three ways to file:

1. eCitizen Portal – Fill and upload documents online
2. Huduma Centre – Submit physically
3. Mail or deliver to UFAA offices in Nairobi

After submitting:

• Claims by original owners take about 30 days
• Next-of-kin beneficiary claims take about 90 days, depending on documents

What Happens to the Money While at UFAA?

The UFAA does not let the money lie idle. The law allows the authority to reinvest the funds in low-risk assets such as treasury bonds to preserve value.