News Kenya Kenyans Abandon Ksh240 Billion Wealth

Kenyans Abandon Ksh240 Billion Wealth


  • The Unclaimed Financial Assets Authority (UFAA) has revealed that many Kenyans have abandoned their wealth amounting to Ksh241 billion.

    While appearing before the National Assembly’s Committee on Finance, Planning on Monday, November 16, UFAA chief executive, John Mwangi said that the money was lying idle in various institutions across the country.

    The authority also noted that learning institutions and government agencies accounted for most of the unclaimed assets.

    This, he continued, was influenced by shares, dividends, bank accounts, safe boxes, cautionary money and tender deposits that have been lying idle for over two years.

    An image of an holding a stash of cash
    Kenyan bank notes held in hand.
    Simon Kiragu

    The authority was also concerned that government institutions were notorious in their failure to surrender the unclaimed assets to the state as required by the law.

    “We have a case of assets having been identified and a lack of cash to remit to the authority. It is the unwillingness of government institutions to remit these assets.

    “There is no incentive to remit the assets. We are working on the area of enforcement to ensure that the assets are remitted,” stated Mwangi.

    In 2019 alone, the authority held Ksh16.1 billion of which only Ksh339.4 million was claimed.

    Mwangi also noted that over 90% of the unclaimed assets were valued below Ksh5,000 yet the procedure to claim the wealth is long and tedious.

    “At a personal level the money is not a lot, but cumulatively, it’s a lot.

    “We should review the regulations and differentiate the claimants by value so that the process for low-value claimants is not the same as high value,” he added.

    He further noted that several institutions were yet to surrender the wealth to the state due to unwillingness as well as a challenges in cash flow.

    In the 2018/2019 financial year, the authority made Ksh1.2 billion after investing some of the unclaimed assets in Treasury bills.

    Unclaimed Financial Assets Authority CEO John Mwangi.
    Unclaimed Financial Assets Authority CEO John Mwangi.
    Daily Nation

    Leave a Reply

    Latest news

    Tourism sector could take five years to recover from pandemic

    The tourism sector could take more than five years to recover from the impact of the pandemic, an Oireachtas...

    71 arrests made by gardaí as part of worldwide Money Mule operation

    Gardaí have identified 659 'Money Mule' accounts as part of a worldwide operation between September and November, preventing an...

    India seeking resumption of oil imports from Iran

    India was the key buyer of Iranian and Venezuelan oil before slashing purchases after President Donald Trump imposed unilateral...

    Saudi coalition warplanes target Sanaa Intl. airport

    Saudi coalition fighters targeted Sanaa airport with two airstrikes, one of which targeted the airport lounge. The Al-Masirah correspondent reported...

    Must read

    You might also likeRELATED
    Recommended to you