The Unclaimed Financial Assets Authority (UFAA) is yet to receive KES 241B of unclaimed assets from public agencies and private firms, making it difficult to reunite beneficiaries with the Funds.
Currently, the authority holds 1.7 billion shares worth KES 30 billion, primarily sourced from banks (67.7 percent), listed companies (16.9 percent), telecommunications companies (9.3 percent), and insurance firms (5.3 percent). Additional contributions have been received from pension funds, SACCOs, and other sources.
As per the Treasury, holders have submitted KES 62.34 billion worth of unclaimed financial assets, including 1.7 billion shares and cash units. From this pool, more than 29,070 beneficiaries have been successfully reunited with a total of KES 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 PS Chris Kiptoo said during the official launch of UFAA’s Third Generation Strategic Plan 2023-2028.
The UFAA’s five-year strategy aims to improve holders’ compliance with the declaration and surrender of unclaimed financial assets.
It also seeks to enhance accountability and sustainability in safeguarding these assets and other financial resources while increasing the rate of reuniting unclaimed financial assets with their rightful owners and strengthening the Authority’s institutional capacity.
UFAA CEO John Mwangi said the Strategic Plan 2023-2028 will enable the authority 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.
