The Unclaimed Financial Asset Authority (UFAA) recently launched its third generation strategic plan – 2023-2028 – that will guide the operations of the organization for the next five years. It is aligned to the fourth medium term plan, Sustainable Development Goals, the Kenya Vision 2030 as well as the Bottom- Up Economic Transformation Agenda (BETA).
Speaking during the launch, the Principal Secretary, the National Treasury and Economic Planning Dr, Chris Kiptoo said the UFAA management has been recognized in the fourth medium term plan as a key enabler of financial inclusion. “A total of Kshs 62.34 billion of unclaimed financial assets have been received from holders – comprising 1.7 billion units of shares and cash – out of which over 29,070 claimants have been reunified a total sum of Kshs 2.03 billion,” he said in a speech read on his behalf by Alfred Kagika, the Director of Pensions at the National Treasury.
Dr. Kiptoo further said that there was need to review the regulatory framework of unclaimed assets in the same manner in which many countries around the world who have enacted laws that govern the management of unclaimed assets have done. “The government is addressing the gaps in the policy framework because supportive legal and policy framework is a key ingredient for the authority to deliver on its mandate,” he added.
UFAA Chairman Dr. Francis Kigo Njenga said that the strategic plan seeks to achieve four key objectives namely : to enhance holders’ compliance in declaration and surrender of unclaimed financial assets, strengthen accountability and sustainability in safeguarding unclaimed financial assets and other financial resources, increase the reunification rate of unclaimed financial assets with the rightful owners as well as strengthen the authority’s institutional capacity.“This commitment to UFAA and its mission lends credence to enduring hope that the authority will secure a stable and prosperous future for its stakeholders over the next five years,” Dr. Njenga said.
.According to Dr. Njenga, Kshs 241 billion in unclaimed financial assets were still unreported to UFAA by public agencies and private firms. Going by the five year strategic plan, UFAA will now take fourteen days to process and pay fully supported claims by the original owner – down from thirty days. It will also take fifty days to process and pay fully supported beneficiary claims down from ninety days.