KENYA : Unclaimed Financial Assets Authority (UFAA) records show the Authority currently holds around Sh65.2 billion in unclaimed assets and has paid Sh2.3 billion to 33,923 claimants so far.
UFAA Chairman Francis Kigo Njenga reported that a voluntary disclosure program initiated through the Finance Act 2022 has led to a record Sh4.5 billion remittance from holders, along with 157 million units of unclaimed shares.
Njenga also detailed the Unclaimed Financial Assets Management System (UFAMS), which streamlines online reporting and claims processing. The authority has established various payment methods, including bank transfers, mobile money, and cheques, to facilitate disbursements.
To improve customer service, UFAA has set up service desks at their head office and Huduma Centres, along with a Call Center and an e-Citizen portal for public interaction.
Njenga highlighted that UFAA won the National Wage Bill Accountability Award for its compliance with financial regulations and improved performance metrics.
He noted that UFAA has formed partnerships with various stakeholders, including government ministries and professional bodies, to enhance service delivery and operational efficiency.
The authority's Strategic Plan for 2023-2028 aims to further facilitate the aggregation and socialisation of unclaimed financial assets to support national socio-economic development.
Njenga expressed a goal of increasing the annual reunification rate of unclaimed financial assets to about 20%, exploring ways to convert non-cash assets into cash equivalents.
UFAA is also ramping up public awareness campaigns to encourage compliance and asset reunification.
Acting CEO Caroline Chirchir stated that organisations have until October 31, 2024, to submit unclaimed assets, with penalties for non-compliance as per the Unclaimed Financial Assets Act, 2011.
She anticipates an additional Sh4 billion in unclaimed assets and 300-500 million units of unclaimed shares to be submitted for reunification.
National Treasury Cabinet Secretary John Mbadi, during a recent visit, urged the Unclaimed Financial Assets Authority to utilise technology to enhance compliance in managing funds and reuniting assets with beneficiaries.
He highlighted that the Kenyan government is committed to a digitalisation agenda, which, when applied to UFAA's operations, could improve efficiency and maximise returns on the assets they manage.
Mbadi shared his plans to visit various State-Owned Enterprises (SOEs) under his ministry to better understand their operations, listen to their challenges, and promote collaboration for improved performance.
He noted that implementing technologies such as Artificial Intelligence (AI) can significantly increase the identification and verification of beneficiaries for unclaimed assets. Once these assets are disbursed, they can boost both the economy and the beneficiaries' livelihoods through increased economic activity.
Mbadi emphasized that UFAA's primary goal is to reunite beneficiaries with assets left by their loved ones, acknowledging the difficulties involved since the institutions transferring these assets have often been unable to do so themselves.
He pledged his ministry's full support to UFAA in its mission to enhance asset reunification.