Unclaimed Financial Assets Authority Kenya: How to Recover Money

Thousands of Kenyans have money sitting in bank accounts, insurance policies, and mobile wallets they don't know about. When an account holder dies and no one claims the funds within a set dormancy period, the holding institution — whether a bank, Safaricom, or an insurer — is legally required to remit those assets to the Unclaimed Financial Assets Authority (UFAA).

UFAA was established under the Unclaimed Financial Assets Act (No. 40 of 2011) to serve as the custodian of these dormant funds. As of recent reports, the Authority holds billions of shillings in unclaimed dividends, bank deposits, insurance proceeds, and M-Pesa balances from deceased account holders who were never claimed by their families.

What Counts as an Unclaimed Financial Asset

UFAA holds a wide range of assets that institutions must remit after prescribed dormancy periods:

• Bank deposits — savings, current, and fixed deposit accounts dormant for 5+ years
• M-Pesa balances — unclaimed for 24 months after the account holder's death
• Insurance payouts — uncollected life insurance or pension benefits
• Company dividends — uncollected share dividends from listed or private companies
• Sacco deposits — dormant member savings and shares
• Court deposits — uncollected awards and refunds

How to Search for Unclaimed Assets

UFAA maintains a searchable database at their offices on Aga Khan Walk, Nairobi. You can also submit a written inquiry to their customer service desk with the deceased's full name, national ID number, and known bank or institutional relationships.

The Authority periodically publishes lists of unclaimed asset holders in the Kenya Gazette and on their website, giving families the opportunity to identify and claim what belongs to them.

The Claim Process: Form 4B and Form 5

To recover assets held by UFAA for a deceased person, you need to submit a formal claim package. The two core documents are:

Form 4B (Beneficiary Claim Form) — completed and signed by the claimant, then commissioned and stamped by a practicing advocate. This form identifies you as the rightful claimant and details the specific assets you're claiming.

Form 5 (Indemnity Agreement) — a legally binding document that protects UFAA against subsequent claims from other heirs. This must also be commissioned by an advocate.

Supporting Documents Required

Along with Forms 4B and 5, you must provide:

• An original holder remittance letter from the bank, telco, or insurer confirming the funds were transferred to UFAA
• Certified copies of your national ID and KRA PIN
• A certified copy of the deceased's death certificate
• A Certificate of Confirmation of Grant from the High Court, or a Certificate of Summary Administration from the Public Trustee
• An active bank or M-Pesa statement for the EFT payment

If claiming with a court grant, all named administrators must sign both Form 4B and Form 5.

Common Mistakes That Delay UFAA Claims

Missing the remittance letter. Many families skip the step of getting written confirmation from the original institution that funds were remitted to UFAA. Without this letter, UFAA cannot trace the specific asset in their system.

Uncertified documents. Every copy must be certified by an advocate — not just photocopied. Uncertified submissions are returned.

Filing before getting a court grant. UFAA requires legal proof that you have authority over the estate. If the estate hasn't gone through succession, start there first.

The M-Pesa to UFAA Pipeline

This is the most common scenario for Kenyan families. When someone dies and their M-Pesa account goes unclaimed for 24 months, Safaricom remits the balance to UFAA. At that point, you can no longer claim directly from Safaricom — you must go through the UFAA process with Form 4B.

To avoid this, families should claim M-Pesa funds directly from Safaricom within the two-year window by visiting a retail centre with the Safaricom Next of Kin Claim Form, the death certificate, and identity documents.

How Long Recovery Takes

Once UFAA receives a complete claim package, processing typically takes 30 to 90 days. Incomplete submissions are the primary cause of delays. Payment is made via Electronic Funds Transfer to the bank account provided in your claim.

If you're settling an estate in Kenya and suspect there may be unclaimed assets — dormant accounts, forgotten dividends, or an M-Pesa balance that was never recovered — working through UFAA is a structured, documented process. Our Guide to Succession and Inheritance in Kenya includes the complete UFAA claim workflow alongside every other step in the estate settlement process.

Guide to Succession and Inheritance in Kenya →