How to Claim Uncollected Financial Assets in Kenya: Dividends, Deposits, and Insurance

Billions in Unclaimed Assets Are Waiting for Their Owners

There are billions of Kenya shillings in unclaimed financial assets sitting in various institutions across the country. These include uncollected dividends from publicly listed companies, dormant bank account balances, matured but unclaimed insurance policies, uncollected pension benefits, stale cheques, and forgotten SACCO savings. For Kenyans in the diaspora, the likelihood of having unclaimed assets is high — when you left Kenya, you may not have closed every account, collected every dividend, or claimed every benefit you were entitled to.

The Unclaimed Financial Assets Authority (UFAA) was established to manage these assets and reunite them with their rightful owners. Understanding how the system works and how to trace and claim your assets can result in a welcome windfall.

What Qualifies as an Unclaimed Financial Asset

Under the Unclaimed Financial Assets Act, a financial asset becomes unclaimed after a specified dormancy period during which the owner has not made any contact or transaction with the holding institution. For bank accounts, the dormancy period is typically five years. For dividends, it varies by company but is generally between three and six years. Insurance policies become unclaimed if benefits are not claimed within a specified period after maturity or the insured event.

After the dormancy period, the holding institution is required to transfer the unclaimed assets to UFAA. The original owner retains the right to claim these assets from UFAA at any time — there is no time limit on claims. The assets are held in trust by UFAA and invested to preserve their value.

Common Sources of Unclaimed Assets for Diaspora Kenyans

Share dividends are among the most common unclaimed assets. If you owned shares in NSE-listed companies — whether through direct purchase, IPO participation, or company share option schemes — dividends may have accumulated in your CDS account or been sent to an address you no longer occupy. Companies like Safaricom, KCB, Equity, and East African Breweries have paid consistent dividends that many diaspora shareholders have not collected.

Bank account balances from accounts you opened before leaving Kenya may still hold funds. Even small balances are worth investigating, particularly if the account has been dormant long enough for the funds to be transferred to UFAA.

Insurance policies — life insurance, endowment policies, or education policies — taken out years ago may have matured. If the insurance company cannot reach the policyholder, the matured funds become unclaimed. NSSF and pension fund benefits from previous employment may also be unclaimed if you never filed a claim.

How to Search for Unclaimed Assets

Start with UFAA's online search portal, where you can check whether any assets have been transferred to the Authority in your name. The search uses your national ID number or name. Note that not all institutions have fully digitized their reporting, so the online database may not capture everything.

Contact the Central Depository and Settlement Corporation (CDSC) to check for uncollected dividends in your CDS account. If you do not have a CDS account number, they can search using your ID number. Many shareholders are surprised to find years of accumulated dividends waiting for collection.

Check with banks where you previously held accounts. Even if the account was closed, there may be residual balances or interest that accumulated after your last transaction. Insurance companies maintain records of unclaimed policies — contact any insurer with whom you previously held a policy.

The Claims Process

Claiming assets from UFAA requires a completed claims form, proof of identity (national ID or passport), proof of entitlement (account statements, share certificates, policy documents, or any evidence linking you to the asset), and a statutory declaration if supporting documents are unavailable.

For assets still held by the original institution (before transfer to UFAA), the claiming process goes through the institution directly. Each institution has its own procedures, but generally requires identification, proof of ownership, and updated contact and banking details for payment.

The processing time for claims varies — UFAA processes claims within a few weeks to several months depending on the complexity and verification requirements. Claims involving large amounts or disputed ownership naturally take longer.

How Huduma Global Helps Recover Your Assets

Huduma Global assists diaspora Kenyans in tracing and claiming uncollected financial assets. From searching UFAA and CDSC databases, to collecting dividend cheques, to submitting claim forms with supporting documentation, to following up with banks and insurance companies — the team handles the detective work and paperwork required to recover your assets. Money that belongs to you should not sit unclaimed in someone else's custody — let Huduma Global help you reclaim what is rightfully yours.

Useful Resources and References

For more information on topics covered in this article, visit these authoritative sources:

• Central Bank of Kenya – CBK official portal
• Safaricom – M-Pesa mobile money services
• CMA Kenya – Capital Markets Authority
• National Treasury – Ministry of Finance

Need help with any of these services? Huduma Global is your trusted diaspora concierge service in Kenya. Explore our services or contact us today.