A total of Ksh. 500m in the hands of Safaricom from MPESA that has resulted from deposits from people who have since left the country or lost SIM cards over two years will now be handed to the Unclaimed Financial Assets Authority (UFAA) in accordance with the unclaimed assets law that requires coperates to surrender any assets that have been lying idle in their possession for the amount of time defined by the law.
According to the law companies should submit such assets to the bonafide owners or next kin for deceased owners but this was not possible for the telecom given the sheer number of assets it had to deal with.
However, the Business Daily reports that Safaricom has said that the deendants an benefit from the money if they come with proof of death as well as an administartion letter that gives them powers over the decease’s estate.
“M-Pesa deposits are about Sh500 million but we are still computing airtime balances and uncollected share dividends,” said Safaricom chief executive Bob Collymore.
It will now be up to the authority start looking for the owners or their next of kin.
Another company, Essar will submit Ksh 23 million that was deposite in its Yu Cash the mobile money platform.
So far the agney has received Sh1.5 billion worth of unclaimed assets from 19 banks, East African Breweries (EABL), Nation Media Group, Rea Vipingo, Unga, Deloitte and Kenya National Assurance among others.