This archive report was first published on 2 September 2021.
September 2, 2021, marked a significant milestone for Kenyans who lost their loved ones or left unwithdrawn funds from old M-pesa lines. Safaricom announced that it will transfer over KSh 200 million to the Unclaimed Financial Assets Authority (UFAA).
The money is set to be transferred as part of the Telco's ongoing reconciliation of mobile wallets, which began in June. During this exercise, Safaricom encouraged M-pesa subscribers to withdraw any forgotten monies in their old lines or from numbers that belonged to deceased relatives.
According to Safaricom, the deadline for withdrawing was August 31, which left the Telco with the burden of generating a list of deceased customers, especially those whose kins have not come forward.
As at the time of filing this story, Safaricom was still compiling the names and figures of the unclaimed funds. Clients would have had an easier way of claiming the funds by simply dialling 405#, but the process will now be more complicated once the financial assets authority takes over.
Under Safaricom's policy on M-Pesa and M-Shwari, the balance should stay in the account of the deceased until claimed. To claim this money, you must be the executor of the will or personal representative, and provide the necessary documents, which depend on the circumstance of the customer's death.
