Safaricom will hand over some 500 million shillings which has been lying in dormant MPESA accounts for the last two years. This is in line with new laws that requires Banks, Insurance companies and utility companies to surrender unclaimed assets to UFAA( Unclaimed Financial Assets Authority. Safaricom CEO Mr Bob collymore says this figure could go higher when the finalize computing unclaimed airtime balances and uncollected share dividents. Yu Mobile who are on their way out from the kenyan market has surrendered 23 million shillings to the authority.
Even though the MPESA Menu has a slot for next of kin it seems that many customers have ignored this. Safaricom however says that dependants of deceased owners of MPESA accounts that have money can still claim the money if they produce a letter of administration.
Other institutions that will be surrendering huge amounts of monies include
Standard Chartered- 537 Million
Kenya National Assurance-348 Million
East African Breweries-306 Million
Citi Bank-99 MIllion
Nation Media- 47 Million
Equity Bank-35 Million
Yu Cash - 23 Million
Others- 160 Million
Total 1.5 Billion
This huge amount of money in customer lines is indicative of the popularity of the service to many people. MPESA came tops among a list of Kenya superbrands. The payments service has preceded its parent company Safaricom as a reliable and trusted brand.
Millions of users prefer MPESA to transfer money among family, friends and business associate. However it has come up strongly as a preferred payment option due to it's convenience.
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