Safaricom C.E.O has set the clouds clear on what happens to Mpesa and Mshwari Balances once one has died
Mr. Bob was responding to a question posed by one person who had attended a meeting safaricom boss was intendance
Some people die suddenly in road accidents or sickness. What happens to their M-Pesa and M-Shwari balances?
Malik Sumba (Nairobi)
The policy is that the M-Pesa and M-Shwari balances are maintained in the individual’s accounts until they are claimed by their personal representatives or executors of the Will. To make a claim, such representatives or executors are required to present letters of administration or a grant of probate issued by a court of law and fill in claim forms available at any of our retail shops countrywide.
The money is then paid to them.
If money is not claimed within two years, then the law requires us to pay the balances in those accounts to the Unclaimed Financial Assets Authority, which is a government institution – Bob Collymore.
The thing is, majority of Kenyans do not have Wills so when they die most of these balances are never collected until they are paid to the said government institution.