EQUITY BANK , 8 UNIVERSITIES AND MWALIMU SACCO AMONG 20 FIRMS FINED Ksh 2.2 BILLION FOR UNCLAIMED FINANCIAL ASSETS BY UFAA
The Unclaimed Financial Assets Authority (UFAA) has imposed hefty fines totaling Ksh 2.23 billion on 20 companies, universities, and financial institutions for failing to remit unclaimed financial assets that cumulatively exceed Ksh 5 billion.
Among the penalized entities are banking giant Equity Bank Ltd, eight Kenyan universities, and Mwalimu National SACCO.
According to the UFAA report, the penalties were triggered by non-compliance in surrendering dormant accounts, unclaimed dividends, insurance payouts, and other financial assets as mandated by the Unclaimed Financial Assets Act, 2011.
UFAA’s mandate is to receive, safeguard, and reunite such unclaimed assets with their rightful owners, and it enforces strict reporting and remittance deadlines under the law.
Universities Leading the List, Moi University topped the universities with a fine of Ksh 211.4 million, which is 123% of the unclaimed assets valued at Ksh 171.4 million.
Other heavily fined universities include Maseno University, Egerton University (including its Pension Scheme), Kenyatta University, University of Nairobi, and United States International University (USIU).
The University of Nairobi had the largest amount in unclaimed financial assets but a relatively smaller penalty percentage.
Equity Bank and Mwalimu SACCO Penalties Equity Bank Ltd faced a penalty of Ksh 249.7 million for unremitted unclaimed assets valued at Ksh 286.5 million, representing an 87% penalty rate.
This adds to recent challenges the bank is tackling amidst ongoing internal reforms to curb fraud and mismanagement.
Mwalimu National SACCO was fined Ksh 16.6 million for failing to remit unclaimed funds totaling Ksh 38.3 million.
This penalty forms part of broader regulatory scrutiny SACCOs have faced over compliance with tax and financial regulations.
Other Major Companies Fined
Other companies hit with substantial penalties include CIC Group PLC with nearly Ksh 1 billion fine on Ksh 1.45 billion in unclaimed assets, and insurance companies like Pacis Insurance and Pioneer Assurance.
Several savings and credit cooperatives such as Unaitas SACCO also featured in the list.
The full List of Penalized Companies
Carbacid Investments , Moi University Retirements and Benefits Scheme, Maseno University, Pacis Insurance Company, Egerton University, Egerton University Pension Scheme, Moi University, Airtel Kenya, Total Kenya Ltd, Kenyatta University, Equity Bank Ltd,United States International University (USIU),CIC Group PLC, WPP Scan Group, Pioneer Assurance Company Ltd, Unaitas SACCO, UNGA Group, Mwalimu National SACCO, Gemina Insurance and University of Nairobi
UFAA emphasized that these penalties serve to promote accountability and compliance within Kenya’s financial and corporate sectors to ensure dormant and unclaimed financial assets are accounted for and returned to rightful owners.
The Authority urged all institutions to comply promptly with their reporting and remittance obligations to avoid similar penalties in future audits.
The total amount of unclaimed financial assets held by the 20 entities stands at over Ksh 5 billion, with the fines representing on average about 44% of the unremitted amounts.