The Unclaimed Financial Assets Authority (UFAA), has launched its 3rd Generation Strategic Plan 2023-2028, which outlines measures towards the realisation of a shortened turnaround time for the processing and payment of claims.
Speaking at the event UFAA Chief Executive Officer (CEO) John Mwangi said that the launch of this strategic plan is a major leap forward for the organisation, adding that the Unclaimed Financial Asset Authority (UFAAM) has been recognised in the medium-term plan as the key enabler of financial inclusion under financial services sector.
Mwangi noted that Kenya has come a long way in the development of a strong government framework for various sub-sectors under the financial service sector, specifically regarding the UFAA regime, the regulatory framework 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 disclosed.
Citing UFAAM as a good example, the CEO described it as a technological front that facilitates the online filing and tracking of claims.
The automated tracking in the system provides an array of payment methods where UFAA can pay claimants in various ways, like mobile money, bank accounts, Sacco accounts, or even a cheque when you file your returns.
“We do not doubt that our strategic plan will give you in every way a good road map to fulfil our mandate, which is to receive, safeguard, and reunite owners with Unclaimed Financial Assets,” he remarked while informing the public of the various contact centres where one can reach UFAA, including the USSD code (*361#).
While citing that it previously took 60–70 days to make payments, the CEO stressed that the organisation aims to reduce the duration it takes to pay people their money, as UFAA is currently working on a 30-day payment scheme for the original owners and a 90-day payment scheme for deceased individuals.
At the same time, UFAA Chairperson Francis Njenga termed the strategic plan as a culmination of a long journey that started two years ago.
Njenga highlighted that in 80 years, UFAA had made significant progress by growing funds from Sh 0 to 32 billion shillings in real-time cash and from 0 shares to 1.719 billion units of shares that were converted to 30.5 billion as of December 1, 2023.
Further, the Chairperson noted that UFAA had moved from 0 to 63 plus billion, breaking it down when the last strategic plan moved from 10.4 to 32 billion today on 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 assured.
Additionally, Njenga identified the loophole in the country’s financial statements and sensitised EazeWorks and the Public Accounting Board to release a statement requiring that every financial report should disclose the amount of Unclaimed Financial Assets so that UFAA can secure and get the money to the rightful owners.
He declared that the strategic plan 2023–2028 was part of an ambitious 5-year plan that coordinated a wider policy agenda, including the Sustainable Development Goals, the Kenya Vision 2030, and the Bottom Up Economic Regime.
By Sharon Atieno and Billy Sabari
