IMARISHA SACCO COMPLIANCE WITH THE UNCLAIMED FINANCIAL ASSET AUTHORITY (UFAA)

At IMARISHA SACCO, our primary objective is to guarantee the absence of abandoned assets within our institution. We are committed to upholding compliance with the Unclaimed Financial Asset Authority (UFAA) through timely returns and positive engagement with the Authority.

COMPLIANCE WITH THE ACT

IMARISHA SACCO is officially registered with the Authority, consistently fulfilling its obligations by submitting returns promptly. We pride ourselves in achieving 100% compliance with the UFA Act and Regulations. Our dedicated efforts involve reuniting all unclaimed financial assets with their rightful owners. In instances where we cannot trace our member due to challenges such as change of location or change of contacts such as telephone we ensure timely filing of such assets to UFAA, adhering to the stipulated deadline of the first day of November each year for the twelve-month period ending on the immediately preceding 30th Day of June.

ASSET DEEMED UNCLAIMED

Assets are deemed unclaimed due to various circumstances, including death (when the Sacco is uninformed), forgetfulness, relocation or ignorance by the member.

Asset Classes and Period of Abandonment (Source UFA Act):

SR	ASSET DESCRIPTION	PERIOD
1.	Cheques, drafts or similar instruments	2 Years
2.	Demand savings or matured time deposits	5 Years
3.	Determination or Order by Court of refund by holder	2 Years
4.	Ownership interest (shares and dividends)	3 Years
5.	Unpaid Wages	1 Year
6.	Assets held in Safe Deposit Boxes	2 Years

OUR APPROACH

To mitigate the occurrence of unclaimed assets, we employ proactive measures. This includes constant notifications through SMS, calls, emails, letters, and physical visits to members deemed inactive based on our policy. We therefore request our members to keep activating their accounts either through counter cash deposit or via our Paybill 982100 to avoid falling into dormancy.

To facilitate easy member location, we conduct regular updates on customer records focusing on critical information such as current locations, telephone numbers, and emails at our DATA CENTRE. We encourage members to fill in the STATIC AMENDMENT FORM, attaching copies of their ID and KRA pins for effective changes. Submissions can be made at any of our branches or emailed to us at imarisha@imarishasacco.co.ke. We also advise members to provide a nominee/contact person for discharge in case of any eventuality.

BENEFITS OF COMPLIANCE.

Compliance with the UFA Act has not only strengthened our relationship with members but also helped us retain and develop positive connections, particularly with customers who had forgotten about their funds due to relocation. Additionally, we have successfully reduced dormancy.

PROCEDURE OF GETTING BACK FUNDS FILED AT UFAA.

Once funds have been transferred to UFAA according to the stipulated period in the Act, our members can reclaim them by presenting themselves at the UFAA office with our written letter or access their funds through the channels provided by the authority e.g USSD code *361#.

At IMARISHA SACCO, we remain steadfast in our commitment to the UFA Act and other Regulations as provided for under the Laws of Kenya..