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Safaricom to surrender KSh 200 million unclaimed M-PESA money

Giant telecommunications company Safaricom has announced that Kenyans who lost their loved ones or left unwithdrawn money will now have to access it through the Unclaimed Financial Assets Authority (UFAA).

According a report by Nation, the company said it will surrender over KSh 200 million to UFAA starting Wednesday, September 1.

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Safaricom said it kicked off the process in June by urging its customers to withdraw any forgotten money from their old sim cards or those that belong to their deceased relatives.

The company announced that the move is part of the ongoing reconciliation with mobile wallets.

“At the start of the exercise back in June, we had KSh 266 million in unclaimed assets, some of which had already been claimed once we notified customers,” read part of the statement by Safaricom.

The deadline for withdrawing the unclaimed money was Tuesday, August 31.

“In instances where funds for such persons have already been submitted to the Unclaimed Financial Assets Authority, they can then lodge the process with the authority,” read the statement.

According to Safaricom’s policy on M-Pesa and M-Shwari, the balance should stay in the account of the deceased until claimed.

One can only claim this money if you are the executor of the will or personal representative.

Further, the documents to be provided by the next of kin also depend on the circumstance of the customer’s death.

Where an M-Pesa subscriber dies and has written a will, the next of kin will be required to present to Safaricom copies of the death certificate, ID of next of kin and grant of probate.

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If an M-Pesa subscriber dies without a will, the next of kin will be required to present letters of administration.

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