How to Claim Unclaimed Financial Assets from the Unclaimed Financial Assets Authority in Kenya

in this post, we cover the procedure of claiming financial assets from UFAA.

Unclaimed Financial Assets (UFA) refer to funds or properties that have been abandoned or forgotten by the rightful owners over a specified period. In Kenya, the Unclaimed Financial Assets Authority (UFAA) is responsible for managing and reuniting owners with their unclaimed assets. If you believe you have unclaimed financial assets, this guide will walk you through the step-by-step process of claiming them.

What Are Unclaimed Financial Assets?

Unclaimed financial assets include:

• Dormant bank accounts
• Unclaimed dividends or shares
• Unclaimed insurance benefits
• Retirement benefits
• Utility deposits
• Unpaid wages or salaries

Steps to Claim Unclaimed Financial Assets

1. Search for Your Unclaimed Assets The first step is to search if you have any unclaimed financial assets. You can do this by visiting the UFAA website and using the UFAA online search tool. You will need your ID number or name to search the database.
2. Prepare Necessary Documents Once you find a match, the next step is to gather the relevant documents. Commonly required documents include:
   • National ID or Passport
   • Proof of ownership (e.g., bank statements, dividend certificates, insurance policy documents)
   • Death certificate (for claims by beneficiaries)
   • Legal documents such as Grant of Letters of Administration or Will (if claiming on behalf of a deceased person)
3. Download and Fill the Claim Form Download the appropriate claim form from the UFAA website. There are different forms depending on the type of asset being claimed. Ensure you fill out the form accurately, providing all necessary details.
4. Submit Your Claim Submit your completed claim form along with the required documents to UFAA. This can be done in person at the UFAA offices or through the online platform. Ensure that all details are correct to avoid delays.
5. Claim Verification UFAA will review your claim to verify your entitlement to the assets. This process may take some time, depending on the complexity of the claim and the type of assets involved.
6. Receive Your Assets Once your claim is approved, UFAA will release the unclaimed financial assets to you. The funds may be deposited into your bank account, or in the case of other assets like shares, the relevant documents will be transferred to your name.

Common Mistakes to Avoid When Filing a Claim

• Incorrect Information: Ensure all your details match exactly as they appear on your legal documents to avoid delays.
• Incomplete Documents: Missing documents can cause your claim to be rejected or delayed.
• Not Following Up: It is important to keep track of your claim and follow up with UFAA if necessary.

If you would like help, please contact us on info@swkadvocates.com