A large portion of Kenya’s Sh65 billion in unclaimed financial assets remains untouched because most of the funds are of low value, making the recovery process costly and discouraging for ordinary citizens.
According to a new report by Auditor-General Nancy Gathungu, nearly 88.5 percent of unclaimed assets held by the Unclaimed Financial Assets Authority (UFAA) are worth less than Sh1,000, with a majority being amounts under Sh100.
Out of 20 million unclaimed assets on record, about 17.7 million are small balances, while 12.3 million — representing 61.5 percent — involve cash sums below Sh100.
The audit found that many Kenyans are abandoning their claims because of the complex and expensive recovery process, which requires them to provide certified documents such as copies of their national ID and KRA PIN, costing an average of Sh500. Additionally, claimants must travel to the asset holder’s offices to obtain official confirmation letters, further inflating costs.
“Due to the non-differentiated nature of the claim process, apparent owners of unclaimed financial assets that were relatively low in value incurred the same cost as high-value claimants,” the Auditor-General said. “Consequently, fewer claims were lodged, leading to a low reunification rate.”
The National Treasury came under fire for failing to implement reforms proposed by UFAA to simplify the process. Among the recommendations was the introduction of a single standardised claim form that would eliminate the need for judicial or legal certification — a move expected to ease access for low-value claimants.
Despite most assets being small, their collective value remains significant. UFAA previously indicated that unclaimed balances below Sh5,000 total around Sh43 billion, much of it tied to dormant bank and mobile money accounts, forgotten insurance payouts, and unclaimed dividends.
On the higher end, the report noted that about 22,000 unclaimed assets are valued between Sh100,000 and Sh500,000, while roughly 2,000 are worth between Sh500,000 and Sh750,000.
The Auditor-General also called on UFAA to expand its presence through Huduma Centres to make services more accessible countrywide.
“The audit established that the authority intended to deploy their staff in Huduma Centres, although they had yet to recruit the required personnel. This contributed to the low number of claims lodged and ultimately the low reunification rate,” Gathungu observed.
