CDSC says KSh200 fee to move unclaimed shares to UFAA is per account, not per share

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The Central Depository and Settlement Corporation (CDSC) says it charges KSh200 per account, not per share, to transfer unclaimed shares in Kenya to the Unclaimed Financial Assets Authority (UFAA), rejecting a report that moving the shares would cost KSh400 billion. CDSC issued the clarification on Friday, October 30, 2026, People Daily reported.

“For the avoidance of doubt, the transfer fee is not charged per share, and the alleged KES 400 bn charge is inaccurate,” CDSC said.

What started the dispute

UFAA CEO and Managing Trustee Laban Molonko told the National Assembly’s Finance and National Planning Committee that the authority does not control about 2.03 billion abandoned shares, valued at around KSh95 billion, which sit with stockbrokers, investment banks, share registrars and banks. “We do not have control of those shares,” he told MPs.

A newspaper report then calculated a KSh400 billion cost by applying the KSh200 fee to every share, more than four times the value of the shares themselves. UFAA had planned to move shares in phases, starting with 400,000 units at an estimated KSh80 million, and opened talks with the NSE and the Kenya Association of Stockbrokers and Investment Banks over fees.

What CDSC says

• The KSh200 fee applies per account, however many shares it holds.
• Fees are regulated by the Capital Markets Authority under the Central Depositories rules.
• More than 16 million shares have already been moved to UFAA, and reconciliation and transfers continue monthly.
• CDSC staff attend UFAA clinics around the country to help reunite owners with their shares.

CDSC did not say how many accounts are involved, so the true total cost is still unknown.

When shares count as unclaimed in Kenya

Under the Unclaimed Financial Assets Act, shares are treated as abandoned when the owner has not taken part in corporate actions, such as attending AGMs or collecting dividends, for at least three years, or when the company cannot trace the shareholder for that long. Section 23 of the Act requires UFAA to take custody of the assets and the owner’s rights. Once UFAA holds them, it can collect dividends for the owner and exercise shareholder rights.

How to check if you have unclaimed shares

If you or a relative bought shares years ago, perhaps in an IPO such as Safaricom’s or KenGen’s, they may be dormant. Search UFAA’s database first: our guide on how to check unclaimed assets with UFAA covers the online search, USSD and Huduma options. For dividends held by company registrars, see unclaimed dividends in Kenya, and for assets of someone who has died, how to claim a deceased person’s unclaimed assets.

FAQ

How much does CDSC charge to transfer shares to UFAA?

KSh200 per account, according to CDSC, regardless of the number of shares in it.

How many unclaimed shares are there in Kenya?

UFAA told MPs about 2.03 billion abandoned shares worth around KSh95 billion are not yet in its custody.

When are shares considered abandoned?

When the owner has not engaged in corporate actions such as AGMs or dividend collection for at least three years, or cannot be traced for that period.

Updated October 31, 2026.