Twenty institutions, including major banks, universities, and corporations, have been fined a combined KES 2.23 billion by the Unclaimed Financial Assets Authority (UFAA) for failing to remit unclaimed financial assets, in one of the largest enforcement actions in Kenya’s financial sector oversight history.
The penalties were imposed after audits revealed that several organisations had withheld billions belonging to dormant accounts, unpaid dividends, unclaimed salaries, insurance claims, and other unremitted financial assets due to beneficiaries.
According to the latest UFAA report, the 20 entities collectively hold KES 5.09 billion in unclaimed assets, on which penalties amounting to KES 2.23 billion were levied. The fines reflect the Authority’s renewed efforts to enforce compliance under the Unclaimed Financial Assets Act, 2011, which mandates holders of dormant or unclaimed funds to declare and surrender them to the state agency.
At the top of the list is Carbacid Investments, facing the steepest penalty relative to the unremitted assets. The company was fined KES 30.9 million for holding KES 1.07 million in unclaimed assets, translating to a staggering 2,870% penalty rate, the highest among all institutions listed.
Close behind is the Moi University Retirement and Benefits Scheme, which failed to remit KES 29.7 million, attracting a penalty of KES 111.6 million, equivalent to 375% of the unremitted assets. Maseno University also appeared prominently, with KES 74.5 million in penalties on KES 40.6 million in unclaimed funds.
The inclusion of public universities on the list highlights a growing compliance concern in Kenya’s higher education sector. Other universities named include Egerton University, Kenyatta University, University of Nairobi, and the United States International University (USIU).
The list also names major financial institutions such as Equity Bank, CIC Group, Pacis Insurance, and Pioneer Assurance, signalling that the problem extends beyond public entities.
Equity Bank, one of Kenya’s largest lenders held KES 286.5 million in unclaimed financial assets and was fined KES 249.7 million, an 87% penalty rate.
CIC Group PLC, a leading insurance and investment company, faced one of the heaviest absolute fines: KES 999.6 million, nearly 69% of its KES 1.46 billion unremitted assets.
Other corporates penalised include Total Kenya Ltd, WPP Scan Group, Unga Group, and Airtel Kenya. The fines imposed ranged between KES 16 million and KES 62 million depending on the volume and duration of the unremitted funds.
The UFAA has intensified its crackdown on entities failing to declare or surrender unclaimed financial assets. The Authority is mandated to ensure that unclaimed assets, such as inactive bank deposits, unpaid insurance proceeds, and unclaimed dividends are safeguarded and eventually reunited with their rightful owners.
In recent years, the agency has ramped up public awareness campaigns urging institutions to comply and individuals to check for unclaimed funds. The UFAA online portal allows Kenyans to search for unclaimed funds linked to their names, a service that has reunited thousands with forgotten assets.
Officials at UFAA noted that the penalties serve both as a deterrent and a corrective measure to enforce accountability. The Authority said it continues to work closely with the Central Bank of Kenya, the Capital Markets Authority, and the Insurance Regulatory Authority to improve compliance across financial and corporate sectors.
Education institutions and pension schemes feature prominently among the offenders. Moi University, Maseno University, and Egerton University collectively account for over KES 265 million in unremitted assets and penalties exceeding KES 340 million.
The findings underscore the risks facing employees and retirees whose benefits remain unclaimed due to institutional delays or administrative gaps. The Egerton University Pension Scheme alone owes KES 12 million in unclaimed assets and has been fined KES 15.3 million, a 127% penalty rate.
The University of Nairobi, which holds the highest amount of unclaimed financial assets at KES 2.3 billion, was fined KES 66.8 million, a modest 3% penalty rate.
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