MPESA is one of the most used mobile money tranfer platform in the country. This is mainly attributed to the fact that majority of the mobile subscribers in the country are customers of Safaricom and also because it is one of the most accessible platforms in the country. With billions of Kenyan Shillings transferred yearly and a large amount of money saved by people in their accounts, it is awkward that we don’t ask more often what happens to the MPESA balance after one passes on.
Well known Kenyan blogger, Jackson Biko took to social media to inquire about the same from the mobile network provider.
What happens to Mpesa left in people’s phones when they pass on? @SafaricomLtd
â€” Jackson Biko (@bikozulu) December 1, 2014
Safaricom had the following response
@bikozulu Hi, such money is kept in an archive account if the line is later recycled and can be claimed by the next of KIN at any point.^PP â€” Safaricom Limited (@SafaricomLtd) December 1, 2014
Now the question remains as to how many of the next of kin go on to claim this money from Safaricom. How much is left to this archive account? I am guessing by now this account must have a lot of money lying around.
[Read: How to claim money in a deceased personâ€™s MPESA account]
It is not only with MPESA accounts but also bank accounts. Most of the next of kin do not know all their loved ones’ accounts and a lot of money is lost through this. According to this article in the Standard, local firms were from November be required to remit unclaimed money they hold in their coffers as the Unclaimed Financial Assets Authority ( UFAA). The team has the mandate of managing the assets as a trust fund, defined by law as property that remains unclaimed after a period of between two to seven years depending on the type of asset.
I am guessing unclaimed MPESA balances also fall under this.