This archive report was first published on 7 October 2021.
Published on October 7, 2021, the Unclaimed Financial Assets Authority (UFAA) is working with the Auditor General to ensure government entities comply with the Unclaimed Financial Assets Act, 2011.
Public sector agencies, banks, listed firms, and insurers are holding onto Sh241 billion in unclaimed financial assets, including cash, shares, and insurance policies, belonging to Kenyans who have not made a claim.
UFAA chairperson Richard Kiplagat stated, "We have partnered with the Office of the Auditor-General to facilitate the audit of public sector agencies on compliance with unclaimed financial assets reporting and surrender."
Deputy Director at the Office of the Auditor-General John Karingithi emphasized that all government agencies will be required to report on their compliance with the Unclaimed Financial Assets Act, 2011.
As of last year, UFAA had received Sh50 billion worth of unclaimed assets, including Sh20 billion in cash and shares worth an estimated Sh28.75 billion.
