This is what happens to M-Pesa money when a person dies
It is a question that has been running through the minds of most Kenyans who use mobile money services: What happens to the money held in an account of a loved who has passed on?
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.
Where an M-Pesa subscriber dies without a will, the next of kin will be required to present letters of administration.
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.
“However in cases of dispute, the next of kin will be required to provide letters of administrations or grant of probate,” the post further says.
And if the next of kin does not claim the money, the company remits the funds to the Unclaimed Financial Assets Authority (UFAA) as required by law.
“The funds submitted to the UFAA are those that have been dormant for a period of two years either due to inactivity on the M-Pesa Account or where a customer is deceased and the funds have not been claimed by the next of kin,” adds Safaricom.
“Where funds have been submitted to the UFAA the next of kin can still claim them from the UFAA by filing a claim with them. The next of kin will be required to provide certain documentation as will be advised by the UFAA.”