Today, the Kenyan government broke its silence and sent a firm directive to all banks with strategic locations inside Kenya’s vast borders.
As of today, November 24, 2023, the Kenyan government has directed all Kenyan banks to promptly turn over all monies held in the dormant bank accounts of Kenyan nationals through the Unclaimed Financial Assets Authority.
The Kenyan government has indicated that money in bank accounts that are dormant must be transferred to the Unclaimed Financial Assets Authority (UFAA) after a set five-year period.
The Kenyan government has hinted that financial organizations that disobey the aforementioned order will face severe fines and penalties, indicating what awaits all banks that fail to transfer funds held in inactive bank accounts.
The Unclaimed Financial Assets Authority must receive funds from dormant SACCO accounts as soon as possible, according to hints made by the Kenyan government.
What are your thoughts on the government’s remarks regarding funds in unused bank accounts? Please share your thoughts, feelings, and ideas with us in the comments section.
https://www.kenyanews.go.ke/institutions-asked-to-surrender-unclaimed-financial-assets-to-ufaa/