National Treasury CS John Mbadi has urged the Unclaimed Financial Assets Authority (UFAA) to adopt advanced technology to improve compliance and reunite unclaimed assets with their rightful owners more efficiently. During a recent visit to UFAA’s headquarters, Mbadi emphasized that digitalization and tools like Artificial Intelligence (AI) could streamline beneficiary identification and verification, thus boosting economic benefits as these assets are reintegrated into the economy.
Currently, UFAA holds approximately Ksh 65.2 billion in unclaimed assets, with Ksh 2.3 billion already paid to 33,923 beneficiaries. To facilitate better management, the UFAA developed the Unclaimed Financial Assets Management System (UFAMS), which allows for online reporting, claims processing, and tracking. Additionally, the authority has established a customer service presence at Huduma Centers, a call center, and a USSD service (*361#) to improve accessibility.
UFAA Chairman Francis Kigo Njenga highlighted recent strides, including the introduction of a voluntary disclosure program that resulted in a record single-year remittance of Ksh 4.5 billion in 2022. Through collaborations with regulatory bodies like the Central Bank of Kenya, Capital Markets Authority, and the Insurance Regulatory Authority, UFAA has bolstered its compliance and service delivery framework.
Looking ahead, UFAA aims to increase reunification rates by 20% annually. Plans are also underway to convert non-cash assets, such as shares and safe deposit contents, into cash equivalents to simplify reunification. UFAA Acting CEO Caroline Chirchir reminded organizations that the deadline for unclaimed asset submissions is October 31, 2024, with penalties enforced for non-compliance under the Unclaimed Financial Assets Act.
