A new audit has revealed that the majority of Kenya’s unclaimed financial assets are low-value amounts, with millions of citizens discouraged from claiming their money due to costly and cumbersome procedures.
According to Auditor-General Nancy Gathungu, 88.5 percent of all unclaimed assets about 17.7 million records are worth less than Ksh1,000, while over 60 percent are below Ksh100. The total unclaimed value under the Unclaimed Financial Assets Authority (UFAA) stands at approximately Ksh65 billion.
The audit found that small claimants face prohibitive costs, including travel, document certification, and ID verification fees averaging Ksh500, which often exceed the value of the assets themselves.
“Due to the non-differentiated claim process, low-value asset owners incur the same expenses as high-value claimants, leading to fewer claims and a low reunification rate,” Gathungu noted.
She faulted the National Treasury for failing to adopt UFAA’s proposed reforms that would simplify the claim process through a single standardized form, eliminating the need for judicial or legal certification.
While the majority of unclaimed funds are small, their combined value remains significant, with assets below Ksh5,000 accounting for roughly Ksh43 billion.
Gathungu further recommended that UFAA deploy staff to Huduma Centres nationwide to increase accessibility, noting that delayed recruitment has slowed down reunification efforts.
The unclaimed assets include forgotten bank accounts, dormant mobile money wallets, and funds left behind due to relocation or death.
