Banks surrender Sh1bn unclaimed assets ahead of probe
Unclaimed Financial Assets Authority Chief Executive Ms Kellen Kariuki (right) and Integrated Population Registration Services Director George Anyango exchange details of their partnership in Nairobi on January 25,2016. PHOTO | WILLIAM OERI
What you need to know:
- The CEO spoke when UFAA got linked to the Integrated Population Registration System (IPRS) database which allows it to crosscheck details of all claimants before any payments are processed.
- Mr Anyango and Ms Kariuki said all details for every Kenyan had been uploaded onto the system enabling UFAA to ascertain beyond doubt any relation between a claimant and owner of the money.
Banks and insurance companies have disbursed a further Sh1 billion to the Unclaimed Financial Assets Authority (UFAA) ahead of a planned audit of all financial entities beginning this year.
UFAA Chief Executive Ms Kellen Kariuki said that no company will receive a certificate of compliance before it is audited and its books certified as a true reflection of their declaration.
“We are still pursuing the errant companies that have declined to heed our warning as the law demands that no one should hold money that does not belong to them. It should be forwarded to us to enable us reunite the money and its true owners,” she said.
The CEO spoke when UFAA got linked to the Integrated Population Registration System (IPRS) database which allows it to crosscheck details of all claimants before any payments are processed.
IPRS director Mr George Anyango said use of the database by public and private sector players had enhanced business innovations especially in online banking and e-commerce whereby individual identity of people was now verifiable at the click of a button.
“The system is foolproof thereby allowing individuals who are registered with certain entities to use their phones and email accounts to transact business. That is our mandate to Kenyans that no innovation that boosts business should be hindered by fraud and forgeries in matters identity,” he said.
Every Kenyan
Mr Anyango and Ms Kariuki said all details for every Kenyan had been uploaded onto the system enabling UFAA to ascertain beyond doubt any relation between a claimant and owner of the money.
IPRS has todate captured details of 35 million Kenyans from birth, their adult life with details on any government certificates issued to them captured where pictures are uploaded at every stage.
The IPRS shows an individual’s birth certificate details, identity card details, NHIF and NSSF details together with an individual’s Kenya Revenue Authority Personal Indentification Number (Pin) all at the click of a button.
Ms Kariuki said all details of an individual remained confidential so as to safeguard interests of genuine claimants saying 1,700 claims had been lodged with UFAA worth Sh42million which was being scrutinised ahead of the planned disbursement.
“For the Sh6billion we received from banks, stocks and insurance companies among others who held money belonging to deceased persons, we also got details of beneficiaries and we encourage Kenyans to keep looking at UFAA database to see if their names are there,” she said.
