Ksh 3.3B unclaimed by beneficiaries Authority

Ksh 3.3B unclaimed by beneficiaries  Authority

The Unclaimed Financial Assets Authority has so far collected Ksh 3.3 billion shillings that are yet to be claimed by beneficiaries.

The authority’s Chief Executive Officer Kellen Kariuki says a chunk of the funds, currently in an account at the Central Bank of Kenya, has been surrendered to the authority by commercial banks.

The Unclaimed Assets Authority was put in place to collect financial assets including cash, dividend payments and shares held by financial institutions like banks, but have not been claimed by their beneficiaries.

The unclaimed assets authority estimates that up to 100 billion shillings in unclaimed assets are yet to be submitted by financial institutions.

So far, claims amounting to 32 million shillings have been made to the authority, with the highest amount claimed being half a million shillings.

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