UFAA WARNS FIRMS OVER SH5 BILLION IN UNCLAIMED ASSETS , THREATENS HEAVY PENALTIES
The Unclaimed Financial Assets Authority (UFAA) has issued a stern warning to institutions holding unclaimed financial assets worth Sh5.08 billion, urging them to remit the funds before the October 31 deadline to avoid heavy penalties and audit fees.
UFAA Chairman Dr. Njenga Kigo disclosed that the authority will commence audits in November targeting companies, insurers, universities, and other institutions that have failed to comply with the law mandating the surrender of unclaimed assets.
“Friday 31 of October is the deadline. Once we get you, you will be penalized and pay the audit fee. If the audit gets you have the money, you will pay the penalties and benefits as well as the audit fee,” Kigo cautioned.
He cautioned that institutions found with unremitted funds will face penalties, pay audit fees, and be liable for benefits owed to rightful owners.
“Holder institutions who keep such money are doing injustice to Kenyans because the rightful owners never get it,” Dr. Kigo remarked.
The authority recovers about Sh5 billion annually from unclaimed assets, yet many owners remain unaware of their entitlement. So far, Sh1.9 billion has been remitted to the UFAA.
This warning follows revelations in the Auditor-General’s Performance Audit Report (September 2025) which showed that many public and private entities continue to hold billions of shillings meant for remittance to the UFAA.
Several firms, including CIC Insurance and Equity Group, have been fined billions of shillings for failing to surrender unclaimed assets such as dividends, shares, savings, insurance claims, tuition fee refunds, and caution money.
The UFAA has embarked on county-level campaigns themed ‘Lost and Found Cash Karibu Nawe’ to sensitize the public on unclaimed assets and how to check and file claims using the shortcode *361# or the UFAA website www.ufaa.go.ke.
Services are also accessible at Huduma Centres across the country.With unclaimed assets estimated at over Sh56 billion in the UFAA database, including cash and shares, the authority is intensifying efforts to reunite millions of Kenyans with their dormant financial assets.