Explainer: What are unclaimed assets and how do you claim them?

Every Kenyan household has had to deal with claiming an asset or two, after the loss of a loved one. 

Scattered across banks, insurance firms, and investment accounts lies a hidden fortune—money and abandoned shares, forgotten, or simply unknown to their rightful owners. 

These unclaimed assets, running into billions of shillings, tell a story of lost records, missed notifications, and heirs who never knew they had something to inherit.  

But what exactly happens to these funds? How do they end up in the state's custody? Can they ever be recovered? And what qualifies as an unclaimed asset?

According to Acting Unclaimed Financial Assets Authority (UFAA) CEO Caroline Chirchir, unclaimed assets refer to money and investments held by various financial institutions—including banks, insurance companies, and Saccos—whose owners have not been located. 

She explains that the Unclaimed Financial Assets Act mandates that any account that remains dormant for two years in banks, Saccos, or other financial institutions, where the owner cannot be traced, must be declared unclaimed. 

Institutions holding such funds are legally required to remit them to the Authority.  

Chirchir notes that financial institutions must first attempt to contact the owners before surrendering the funds. 

"The holders—such as banks and insurance firms—are the primary custodians of client records and contact details. They are required to make reasonable efforts to reach the owners and prove their attempts. If they fail to do so, they remit the funds to us as unclaimed assets," she says.  

Once the funds are transferred to UFAA, the Authority begins its tracing efforts to notify individuals that their money has been declared unclaimed. 

However, Kenyans can also check for themselves through the UFAA website or the USSD code *361#. 

If a claimant is successfully traced or confirms their funds are with the Authority, they must follow a structured process to reclaim them. The requirements include a certified copy of their National ID or Passport, verified by a lawyer, and a completed Original Owner(s) claim form (Form 4A) along with an Indemnity Agreement (Form 5), both duly commissioned by a lawyer. 

They must also provide an official letter from the holding institution confirming the remittance of unclaimed assets to UFAA, a copy of their KRA PIN certificate, and payment details, including a bank or Mpesa statement, a current deposit slip, or a withdrawal slip.  

If there is more than one claimant, additional documentation is required, such as a joint payment statement or a letter of no objection from one claimant nominating payment to the other. 

Where names differ across official documents, including the National ID, KRA PIN, or institution records, the claimant must submit an original affidavit clarifying the discrepancies.  

Insurance Claims
For insurance claims, individuals must provide the original policy document or an affidavit of loss if the policy is missing. If the claimed assets belong to a deceased person, the process is more complex. 

In addition to the standard documents, claimants must provide a completed Beneficiary Claim form (Form 4B) commissioned by a lawyer, a death certificate of the original owner, and a Certificate of Confirmation of Grant from the High Court of Kenya or a Certificate of Summary Administration from the Public Trustee or Deputy County Commissioner. 

If claiming through the Public Trustee or Deputy County Commissioner, the official must sign all forms and attach a letter of no objection from the beneficiaries. If using a Certificate of Confirmation of Grant, all administrators must sign the claim documents.  

Once UFAA receives a claim, the beneficiary's details are published for 30 days, allowing for any objections before approval.  

For business entities, claimants must submit a Form 4C claim and an Indemnity Agreement (Form 5) commissioned by a lawyer. 

They must also provide an official letter from the holding institution confirming remittance of funds, a CR12 certificate from the Company Registrar listing the current directors, and for Saccos or self-help groups, minutes of a meeting appointing officials. 

Additionally, they must provide certified copies of the directors' or officials' National IDs or Passports, their KRA PINs, a Certificate of Incorporation or Registration, and a recent bank or M-Pesa statement, deposit slip, or withdrawal slip.  

What about minors?
For minors whose assets have been declared unclaimed, the law requires that the claimant submit an Agent for Owner claim (Form 4D) and Form 5, both commissioned by a lawyer. 

They must also provide an official letter from the holding institution confirming the remittance of unclaimed funds, a certified copy of the guardian’s National ID or Passport, a copy of the guardian’s KRA PIN certificate, the minor’s birth certificate, and a guardianship deed.  

According to Chirchir, there are currently Sh80 billion and 1.9 billion units of shares in unclaimed assets, with the funds secured in an account at the Central Bank of Kenya. 

So far, UFAA has successfully reunified Sh2.4 billion with 34,900 rightful owners and 55 million units of shares.  

With billions still unclaimed, thousands of Kenyans may still unknowingly have wealth waiting for them. A simple check, Chirchir says, could be the key to reclaiming what’s rightfully theirs.