Are you a member of Imarisha Sacco who has not updated your contact information or has not operated your FOSA account for more than a year? If your answer is YES, then you are the owner of an Unclaimed Financial Asset.
The Unclaimed Financial Assets Act (No. 40 of 2011) provides a legislative framework for dealing with unclaimed financial assets, which are defined as: financial assets include any income, dividend, or interest.
A financial asset is considered unclaimed when no claims have been made, no transactions have been performed, or no instructions have been given with respect to the asset for a period of more than a year.
As a matter of good financial practice, Imarisha Sacco requires its members to routinely update their records. The up-to-date contact record enables your Sacco to communicate with you about important matters associated with your Sacco account.
At a minimum, your Sacco should have the following member’s details:
• Current cell phone number
• Current mailing address (post office box)
• Current residential address and permanent address information.
The Sacco also requires its Members to routinely update their records. as a matter of basic. This up-to-date contact record enables your Sacco to communicate with you on important matters associated with your Sacco account.
To keep your financial assets from being deemed unclaimed:
• • Check your FOSA statements regularly
• • Promptly notify the Sacco about the changes in your contacts (phone, email & postal address)
• • Officially advise the Sacco provider about your next of kin
Members can update their data at any of our offices or branches at any time.
For further assistance or guidance, call 0709578000 or visit any Sacco branch or office.
