The Unclaimed Financial Assets Authority (UFAA) continues to grapple with unclaimed assets worth Ksh241 billion, yet to be surrendered by both public agencies and private firms, posing challenges in reuniting beneficiaries with their funds.
Currently, the authority holds 1.7 billion shares valued at Sh30 billion, with banks contributing the majority of unclaimed assets at 67.7 percent, followed by listed companies (16.9 percent), telcos (9.3 percent), and insurers (5.3 percent), among others sourced from pension funds, Saccos, and other entities.
While Treasury notes that Ksh62.34 billion of unclaimed financial assets have been received, comprising shares and cash, the reunification process has so far benefited over 29,070 claimants with a total sum of Ksh2.03 billion.
National Treasury Principal Secretary Chris Kiptoo emphasized the importance of a supportive legal and policy framework to enable the authority to fulfill its mandate effectively, speaking during the launch of UFAA’s Third Generation Strategic Plan 2023-2028.
In line with its strategic plan, UFAA aims to enhance holders’ compliance in declaring and surrendering unclaimed assets, strengthen accountability and sustainability in safeguarding such assets, increase the reunification rate with rightful owners, and bolster the authority’s institutional capacity.
CEO Mwangi outlined key targets of the strategic plan, including reducing the processing time for fully supported claims by the original owner from 30 days to 14 days and reducing the processing time for fully supported beneficiary claims from 90 days to 50 days. Leveraging technology, partnerships, and innovation will play a pivotal role in achieving these objectives and enhancing service delivery to stakeholders.
As UFAA endeavors to streamline the management of unclaimed financial assets, the focus remains on expediting the reunification process to ensure rightful owners can access their funds promptly, thereby addressing the challenges posed by the significant amount of unclaimed assets in the financial sector.
 | ReplyForwardAdd reaction |
