UFAA warns firms over Sh5bn in unclaimed assets
NAIROBI, Kenya, Oct 29 - The Unclaimed Financial Assets Authority (UFAA) has warned institutions holding on to unremitted funds that they risk hefty fines Kenya breaking news | Kenya news today |..
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The Unclaimed Financial Assets Authority (UFAA) has issued a stern warning to institutions regarding a looming October 31st deadline for remitting unclaimed funds, threatening hefty fines and audit fees for non-compliance. Chairman Njenga Kigo announced audits will commence in November to target companies, insurers, and universities withholding an estimated Sh5 billion in unremitted assets.
- The UFAA recovers about Sh5 billion annually from unclaimed financial assets, with Sh1.9 billion already remitted to the Authority.
- A September 2025 Auditor-General’s Performance Audit Report identified Sh5.08 billion in unclaimed assets and Sh2.23 billion in associated penalties.
- The University of Nairobi, CIC Group PLC, and Equity Bank Ltd were among the top entities holding significant unclaimed amounts, with some institutions facing penalties exceeding the value of their unremitted assets.
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Kenyan Authorities Address NHIF Debt, Unclaimed Assets, and New Standards Bill - October 2025
Health Cabinet Secretary Aden Duale informed MPs that the National Health Insurance Fund (NHIF) left hospitals with Sh10 billion in debt. The Cabinet plans to prioritize settling Sh5.3 billion of these debts, focusing on claims under Sh10 million per facility. Separately, the Unclaimed Financial Assets Authority (UFAA) warned institutions of an October 31st deadline to remit an estimated Sh5 billion in unremitted assets. UFAA Chairman Njenga Kigo announced that audits will begin in November, with hefty fines threatened for non-compliance. Additionally, the government has introduced the Standards Bill, 2025 to the National Assembly’s Committee on Trade, Industry and Cooperatives. This landmark legislation aims to modernize consumer protection laws by replacing the five-decade-old Standards Act.
