Unclaimed Financial Assets Authority Unveils Plan to Speed Up Claims

The Unclaimed Financial Asset Authority (UFAA) has launched its Third Generation Strategic Plan 2023-2028 to guide its operations for five years. Aligned with national goals like MTP IV and Kenya Vision 2030, the plan aims to enhance financial inclusion.

With Kshs 241 billion still unreported, the plan targets faster claim processing, aiming for 14 days for owner claims and 50 days for beneficiary claims.

Dr. Chris Kiptoo, Principal Secretary of the National Treasury, highlighted the importance of managing unclaimed assets for financial inclusion. Over Kshs 62.34 billion of such assets have been received, with efforts underway to reunify them with rightful owners.

The plan prioritizes enhancing compliance, accountability, reunification rates, and institutional capacity. Chairman Dr. CPA Francis Kigo Njenga stressed their commitment to these goals for stakeholders’ prosperity.