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By Fred Maingi
The Unclaimed Financial Asset Authority (UFAA) has launched its Third Generation Strategic Plan 2023-2028 that will guide the operations of the organization for the next five years.
The Strategic Plan 2023-2028 is aligned to the fourth Medium Term Plan (MTP IV), Sustainable Development Goals, the Kenya Vision 2030 and Government’s Bottom- Up Economic Transformation Agenda (BETA).
Speaking during the official launch, the Principal Secretary, the National Treasury and Economic Planning Dr, Chris Kiptoo said the Unclaimed Financial Assets management has been recognized in the fourth Medium Term Plan as a key enabler of financial inclusion under the Financial Services Sector plan.
“A total of 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,” he said during the launch of the strategic plan at a Nairobi hotel in a speech read on his behalf by Alfred Kagika, the Director of Pensions at the National Treasury.
The Principal Secretary said 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.
Unclaimed Financial Assets Authority (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 the Unclaimed Financial Assets Authority 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,” he said.
(From left to right) UFAA Chairman Dr Francis Njenga, Director of pensions at the National treasury Alfred Kagika, Board member Joyce Mutegi and UFAA CEO and managing Trustee John Mwangi display copies of the strategic plan 2023-2028 during its launch at a Nairobi Hotel.
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.
He said that Kshs 241 billion in unclaimed financial assets were still unreported to the Unclaimed Financial Assets Authority by public agencies and private firms.
UFAA Chief Executive Officer & Managing Trustee FA John K. 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.