Majority of unclaimed assets rest with Kenya’s banking sector at KSh 3.3 billion in 2024, a slight decrease from KSh 3.4 billion held by the institutions a year earlier, the latest Economic Survey by the Kenya National Bureau of Statistics (KNBS) shows.
The value of unclaimed assets held by banking institution had grown from KSh 1.9 billion in 2020, KSh 2.6 billion in 2021, and KSh 2.5 billion in 2022.The information and communication sector accounted for KSh 778 million of the total unclaimed assets in 2024.In total, the number of claimants increased by 15.4%, to 7400, but the value of total assets reunified with claimants declined from KSh 467.0 million in 2023 to KSh 432.5 billion in 2024.
The 2021/22 Financial year had the highest number of claimants at 8,111 with reunification amount hitting KSh 604,961,000. This was a jump from the preceding financial year, which had had the least number of claimants at 2,235 with reunification amount totaling KSh 228,680,000.
For two consecutive years, Pension sector had no unclaimed assets while insurance, Saccos, Listed Companies and others recorded assets worth Ksh17 million, Ksh21.2 million, Ksh85.9, and Ksh64 millio respectively.
During the review period, total assets under pension funds management grew by 20.3% to KSh 2. 2065 trillion as at the end of December 2024.
The growth was largely driven by an increase in investments in government securities which grew by KSh 385.1 billion from KSh 814.4 billion as at December 2023 to KSh 1.1995 trillion as at the end of December 2024.
There was similarly a significant growth in assets under guaranteed funds which grew by 15.2% to KSh 437.5 billion as at end of December 2024. However, Listed Corporate bonds declined by 17.3% to 5.9 billion.
Similarly, fixed deposits of pension funds significantly decrease by 30.2% to KSh 61.4 billion as at end of December 2024 from KSh 87.9 billion recorded as at end of December 2023. In contrast, assets held under quoted equities increased by 31.0% from KSh 157.5 billion as at December 2023 to KSh 206.4 billion as at end of the year 2024.