Kenya’s growing pile of unclaimed financial assets has hit alarming heights, with Sh3.2 billion lying idle in dormant M-Pesa accounts alone.
Safaricom, the country’s largest mobile operator, surrendered this staggering sum to the Unclaimed Financial Assets Authority (UFAA) as of November 11, 2024. This represents the lion’s share—96.3 per cent—of inactive mobile money accounts.
Alongside Safaricom’s contribution, Airtel turned over Sh114.3 million, while Telkom Kenya accounted for Sh7 million. These funds, drawn from mobile wallets that have been inactive for over two years, are often left untouched due to the death of account holders, migration abroad, or lost SIM cards that remain unreplaced.
According to the UFAA Act, “A deposit made by a subscriber with a utility to secure provision for services or any sum paid in advance for utility services that remain unclaimed for more than two years after the termination of the services shall be presumed abandoned.”
Growing pressure on mobile operators
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By law, mobile network operators (MNOs) like Safaricom, Airtel, and Telkom are required to identify and surrender dormant funds to UFAA every year by November 1. Failure to comply could lead to hefty fines, including daily penalties ranging from Sh7,000 to Sh50,000, or forfeiting up to 25 per cent of the unremitted amount.
While the legal framework is clear, the sheer scale of dormant accounts makes reclaiming these funds a challenge. Millions of mobile wallets hold tiny balances, scattered far and wide, making the cost of tracking down rightful owners higher than the value of the accounts themselves.
Families urged to claim funds
UFAA maintains that dependants of deceased account holders can reclaim these funds with proper documentation. Beneficiaries are required to provide proof of death and a letter of administration granting them the right to manage the deceased’s estate.
However, the recovery process remains slow, reflecting a larger national issue. Of the Sh75.5 billion in unclaimed assets under UFAA’s custody, only 1.9 per cent has been reunited with beneficiaries. Issues such as inheritance disputes, lack of awareness, and secrecy surrounding assets have significantly delayed the process.
Unclaimed assets on the rise
The unclaimed financial assets landscape paints a concerning picture. Mobile operators alone turned over Sh827.7 million in idle assets in 2024, marking a notable increase from Sh541.7 million in 2023. T
he larger trend reveals rising unclaimed wealth across various sectors, with UFAA now holding shares worth Sh39.4 billion, many tied to prominent figures, former government officials, and business elites.
This sharp rise in dormant shares reflects a steady climb from Sh30 billion in 2021 and just Sh16.42 billion in 2017.
Additionally, unclaimed safe deposit boxes have doubled to 3,737, up from 1,953 in June 2024. These boxes hold valuables such as jewellery, Treasury bills, and land title deeds, while billions in unit trusts, local currency, and foreign cash remain untouched.
The challenge of tracing owners
Despite efforts to reunite owners with their assets, logistical hurdles persist. Traditional methods, such as publishing names in newspapers or online databases, have proven inadequate given the volume of accounts and the small individual balances.
UFAA continues to call on Kenyans to proactively check for unclaimed assets, but awareness remains low. Many families are unaware of funds left behind by deceased relatives, while disputes over inheritance and missing wills further delay the process.
As billions continue to lie idle, UFAA’s role grows increasingly critical in ensuring these assets eventually reach their rightful owners. For now, the spotlight remains on Kenyans to take the first step and claim what legally belongs to them.
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