You may have wondered where M-PESA balance goes to when an account owner dies. Genuine questions have been raised on what happens to money.
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 but If such funds are not claimed by next of kin, they will be transferred to the Unclaimed Financial Assets Authority (UFAA) due to lack of activity for about 2 years. However, one can still claim the money from them..
Next of kin are required should visit any Safaricom Shop and provide certain documents for inspection and approval before any funds can be released. When Safaricom learns of the death of a subscriber, their M-PESA account is frozen to prevent further dealings and to protect the estate of the deceased.
Below are the documents required by Safaricom in order to claim a deceased customer’s M-PESA funds:-
For M-PESA accounts having more than Kshs. 30,000
For M-PESA accounts having less than Kshs. 30,000
The beneficiary must also provide a registered M-PESA account as funds will not be paid out in any other form.
After receiving all the required documents, funds will be transferred into the beneficiaries entitled to the M-PESA account balances.
It is therefore convinient to register a next of kin for your M-PESA account so that they may be able to access the money in case of any eventuality. Next of kin is a person’s closest living blood relative who can be contacted by Safaricom when a subscriber passes away. This person will be able to access your funds when you are gone.
To fill an M-PESA next of kin form, visit Safaricom website at www.safaricom.co.ke or, you can also register your next of kin via phone as follows;you can register our next of kin details is free of charge and conveniently done from your phone by simply dialing
*Dial *234
Select option 5: My M-PESA information
Key in option 6: Next of kin
Enter your Bonga PIN
Enter your next of kin details; mobile number, ID.
Next of kin claim forms can be downloaded
Kenya Power has halted the provision of multiple meters for housing unit blocks owned by…
New revelations emerged on Wednesday, September 27 into the heinous murder of Nairobi Hospital Acting…
The government last year introduced new-generation vehicle registration plates as part of measures to fight…
This will see matat operators take up electric buses to deal with the high cost…
President William Ruto on Wednesday, May 31 made a surprising decision in dropping former Kiambu…
President William Ruto, on Thursday, June 1, launched the Second phase of…