The Unclaimed Financial Assets Trust Fund(UFAA) recorded a Surplus of KSh 1,403,516,000 for the period ended 2020 from KSh 1,191,799,000 in 2019.
According to its statement of financial performance and audited results for the 2019/20 fiscal year, the Trust Fund’s balance sheet grew from KSh 16.2 Billion to KSh 20.2 Billion in 2020 while the value of investments increased from KSh 15.3 Billion in 2019 to KSh 19.1 Billion.
Investment by the Authority, as currently approved by the Cabinet Secretary-National Treasury, is 100% in Treasury Bills floated by the Central Bank of Kenya.
Data from UFAA shows that KSh 50 Billion worth of financial assets have been collected to date while a total of 6,000 total claims have been made in 2021 and total payouts of KSh 1 Billion.
Claims made to the Unclaimed Financial Assets Trust Fund increased from KSh 19.4 Million in 2019 to KSh 31.7 Million in 2020 while transfers to Unclaimed Financial Assets Authority(UFAA) increased from KSh 267.6 Million in 2019 to KSh 339.1 Million in 2020.
Unclaimed Financial Assets Trust Fund size increased to KSh 19.8 Billion in 2020
The value of unclaimed assets rose from KSh 13.3 Billion in 2019 to KSh 16.2 Billion in 2020 while the size of the Trust Fund increased from KSh 15.9 Billion in 2019 to KSh 19.8 Billion in 2020.
As of the close of June 30th 2021 fiscal year, the UFAA had received remittances amounting to KSh 20.3 billion from holders into the Trust Fund Account including forex in various denominations. Reports have been made for 915 million units of shares.
The Authority had so far received claims amounting to KSh 1.2 Billion from 17,469 claimants.
Out of these, 10,199 claims amounting to KSh 729 million and 15.8Million units of shares have been reunified in 2020. This is 3.58% of the Fund.
The Unclaimed Assets Trust Fund was created under Section 44 of the Unclaimed Financial Assets Act, No. 40 of 2011. It is vested in and operated and managed by the UFAA.
The Fund receives from holders all monies that become or are deemed to be unclaimed assets and other payments required by the Act or by any other written law to be paid into the Fund.
Payments are also made out of the Fund to rightful owners of unclaimed assets once