The Unclaimed Financial Assets Authority (UFAA) is yet to receive Ksh241B of unclaimed assets from public agencies and private firms, making it difficult to reunite beneficiaries with the Funds.
- The authority is holding 1.7 billion shares valued at Sh30 billion.
- Banks have submitted about 67.7 percent of the assets, followed by listed companies (16.9 percent), telcos (9.3 percent) and insurers (5.3 percent).
- Others have come from pension funds, Saccos and other sources.
According to Treasury, Kshs 62.34 billion of unclaimed financial assets have been received from holders – comprising of 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.
“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,” National Treasury Principal Secretary Chris Kiptoo said during the official launch of UFAA’s Third Generation Strategic Plan 2023-2028.
In its five-year strategy, the UFAA wants 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.
He said the organization will scale-up its leverage on technology, partnerships, and innovation not only in making service delivery to our stakeholders effectively and efficiently, but also in benefiting society by institutional conduct.
UFAA CEO Mwangi said the Strategic Plan 2023-2028 will enable UFAA to take 14 days to process and pay fully supported claims by the original owner – down from 30 days. It will also take 50 days to process and pay fully supported beneficiary claims down from 90 days.