Home business kenya WHAT HAPPENS TO MPESA BALANCE MONEY WHEN PERSON DIES.

WHAT HAPPENS TO MPESA BALANCE MONEY WHEN PERSON DIES.

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what happens to MPESA money when person dies ? It is a question that has been running through the minds of most Kenyans who use mobile money services. Safaricom, finally, have an answer. According to ‘Safaricom Blogger’, the funds held in M-Pesa accounts can be passed on to a customer’s next of kin once claims from the beneficiary are validated.

“We require that the next of kin should visit any Safaricom Shop and provide certain documents for inspection and approval before any funds can be released,” a post on the company’s website says.

The documents to be provided by the next of kin depend on the circumstance of the customer’s death.

Where an M-Pesa subscriber dies and has written a will, the next of kin will be required to present to Safaricom copies of the death certificate, ID of next of kin and grant of probate.

REQUIREMENTS TO CLAIM MPESA BALANCE MONEY OF DECEASED

Visit safaricom with the following documents

1. Your National ID

2. Death certificate issued for the deceased.

3. Grant of letter of administration – This is a legal document obtained from any probate & administration court. It proves the deceased did not leave will legally

4.Grant of Probate- A legal document issued by the court to an executor of the estate of a deceased person who left a will providing for what should happen to his estate and further appointing a personal representative

5.(Affidavit) Statutory Declaration- A document witnessed by an advocate commissioner

6.Confirmation of Grant of Probate – This is a document issued by a court naming the beneficiaries

7.Letter from the Provincial administration – It could be a letter from the local PC, DC or Chief

8.Fill a next of kin form – This can be accessed at nearest Safaricom Shop

These conditions are mandatory for accounts with more than Sh30,000.

For M-Pesa accounts holding less than Sh30,000, you will need an affidavit administered by a Commissioner for Oaths and sworn by the claimant, death certificate (not burial permit), a letter from provincial administration of the deceased’s area of residence or letters of administration and the next of kin’s ID and copy to be retained.

WHAT HAPPENS TO UNCLAIMED MPESA MONEY FOR DECEASED

The law which requires companies, banks and utility agencies to surrender any assets that have been lying idle in their possession for periods defined by the law.

Safaricom sends Unclaimed MPESA money together with airtime to Financial Assets Authority (UFAA) . In 2015 they surrendered 500million.

Upon receiving the money, the authority is expected to launch a fresh search for owners of the assets or their heirs where they are deceased.

The Unclaimed Financial Assets Act mentions mobile money but the authority said it was relying on powers accorded to the Cabinet secretary to include new asset classes not covered in the law.

The authority said it has so far invested Sh1 billion of the funds in Treasury bills and kept the rest in a custodial account at the central bank

Unclaimed Property Asset Register, a private company, estimates that Kenya has unclaimed assets worth more than Sh50 billion.

A recent survey by the company found that 56 per cent of the assets are held by banks while 22 per cent are with insurance companies.

HOW MUCH PERSON WHO INVENTED MPESA EARNS WILL SHOCK YOU

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