Kenyan telecom operators, led by Safaricom, have handed over Sh3.2 billion in idle M-Pesa funds to the Unclaimed Financial Assets Authority (UFAA) as of November 2024. These funds represent 96.3% of unclaimed mobile money deposits, with Airtel and Telkom Kenya contributing Sh114.3 million and Sh7 million, respectively.
What Constitutes Unclaimed Mobile Money?
Deposits in mobile wallets are deemed idle if held in accounts inactive for more than two years. This often includes:
- Accounts belonging to deceased users.
- Lines are abandoned after SIM cards are lost or subscribers leave the country.
- Funds were deposited as security for services that were later terminated.
As per the UFAA Act, companies must surrender such unclaimed funds annually by November 1 or face penalties, including a 25% fine on the assets held and daily penalties ranging between Sh7,000 and Sh50,000.
The Growing Burden of Unclaimed Assets
UFAA reports that surrendered mobile money assets surged to Sh827.7 million in 2024, up from Sh541.7 million in 2023. However, public disinterest, coupled with cumbersome claim processes, has led to low reunification rates:
- Only 10% of unclaimed assets have been reunited with rightful owners.
- Since July, an additional Sh4.3 billion in cash, 170.3 million shares, and 79 safe deposit boxes have been surrendered.
Unclaimed assets extend beyond mobile money to include dormant bank accounts, uncashed cheques, and contents in safe deposit boxes.
Also Read: How To Check and Claim Your Unclaimed Financial Assets in Kenya
Challenges in Reuniting Assets
Despite UFAA’s mandate to locate rightful owners, companies like Safaricom face logistical hurdles:
- Millions of small deposits spread across accounts make it costly to identify and contact owners.
- Disputes over inheritance, combined with a lack of wills, further complicate the claims process.
The Bigger Picture
Unclaimed assets in Kenya have reached Sh75.5 billion, up from Sh62 billion in June 2024, reflecting a 21.7% increase. This total includes:
- Sh36.09 billion in cash (local and foreign currencies).
- 1.7 billion shares worth Sh39.4 billion.
- 3,737 safe deposit boxes, believed to contain valuables such as jewelry and title deeds.
- 9.87 million unit trusts, with undisclosed values.
Also Read: UFAA Develops an Online System To Facilitate Unclaimed Assets Disbursement
Public Awareness and Call to Action
UFAA continues to encourage Kenyans to claim their assets. However, public awareness remains low, and the process is perceived as complex, especially for small-value claims. The authority has urged companies to proactively search for asset owners to bridge the gap and reunite funds with beneficiaries.
If you suspect you or your family may have unclaimed assets, contact UFAA and file a claim—it’s your right to reclaim what belongs to you.
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