Unclaimed Financial Assets Authority (UFAA) Launches Strategic Initiatives for Increased Efficiency

February 12, 2024
Current and former members of the Board of the Unclaimed Financial Assets Authority (UFAA), joined by the Director of Pensions at the National Treasury, Alfred M. Kagika (seventh from left), display copies of the UFAA Strategic Plan 2023-2028.

The Unclaimed Financial Assets Authority (UFAA) has launched its 3rd Generation Strategic Plan 2023-2028, detailing measures aimed at achieving a reduced turnaround time for processing and disbursing claims.

During the event, UFAA Chief Executive Officer (CEO) John Mwangi stated that the organization’s significant progress is marked by the launch of this strategic plan. He added that the Authority has received recognition in the medium-term plan as the primary facilitator of financial inclusion within the financial services sector.

Mwangi observed that Kenya has made significant strides in establishing a robust government framework for various sub-sectors within the financial service sector. He specifically highlighted the UFAA regime, noting that the regulatory framework was conceived in 2011.

“2011 is when the UFAA Act was enacted, and it has witnessed tremendous achievements that are now reflected in the work of UFAA,” he said.

Highlighting UFAA as an exemplary model, the CEO characterized it as a technological frontrunner that enables the online submission and monitoring of claims.

The system’s automated tracking also offers a range of payment methods, allowing UFAA to disburse funds to claimants through diverse channels, such as mobile money, bank accounts, Sacco accounts, or even by issuing a cheque upon filing returns.

“We have full confidence that our strategic plan will provide you with a comprehensive roadmap to fulfill our mandate, which is to receive, safeguard, and reunite owners with Unclaimed Financial Assets,” he remarked, informing the public about various contact centers for reaching UFAA, including the USSD code (*361#).

Emphasizing the organization’s commitment to efficiency, the CEO highlighted that, in the past, it took 60–70 days to process payments. He stressed that UFAA is actively working towards implementing a 30-day payment scheme for original owners and a 90-day payment scheme for deceased individuals to expedite the disbursement process.

Meanwhile, UFAA Chairperson Francis Njenga characterized the strategic plan as the culmination of a lengthy journey that began two years ago.

Njenga highlighted that since inception, UFAA achieved substantial progress by increasing funds from Sh 0 to 32 billion in real-time cash and escalating shares from 0 to 1.719 billion units, which were then converted to 30.5 billion as of December 1, 2023.

Additionally, the Chairperson noted that UFAA had progressed from 0 to over 63 billion. Breaking it down, the last strategic plan saw an increase from 10.4 to 32 billion today in shares and from 534 million units to 1.7 billion worth of units.

“UFAA has proper registration of all funds received and only invests in risk-free investments through the CBK and the National Treasury, and all other institutions get an oversight of this to ensure the safety of the funds,” he said.

Moreover, Njenga pinpointed a gap in the country’s financial statements and raised awareness with EazeWorks and the Public Accounting Board. He urged them to issue a statement mandating that every financial report should disclose the amount of Unclaimed Financial Assets. This, he asserted, would enable UFAA to secure and return the funds to their rightful owners.

He declared that the strategic plan for 2023–2028 is an integral component of an ambitious 5-year plan that aligns with a broader policy agenda, encompassing the Sustainable Development Goals, the Kenya Vision 2030, and the Bottom-Up Economic Regime.

Don't Miss