Expect higher efficiency as UFAA implements new strategic plan

Current and former members of the Board of the Unclaimed Financial Assets Authority (UFAA), joined by the Director of Pensions at the National Treasury, Alfred M. Kagika (seventh from left), display copies of the UFAA Strategic Plan 2023-2028.

Photo credit: UFAA

The Unclaimed Financial Assets Authority Strategic Plan 2023-2028 outlines measures towards the realisation of a shortened turn-around time for processing and payment of claims.

Progressively, it will take only seven days to process and pay claims by the original owner, and 50 days to process and pay beneficiary claims, down from 30 days and 90 days respectively.

Expeditious reunification of rightful owners with their unclaimed financial assets is the desired manifestation of UFAA’s Vision and Mission Statements, thus, “A Trusted Institution in the Management of Unclaimed Assets”, in discharging the mandate, and “Receiving, Safeguarding and Reuniting Unclaimed Financial Assets for Social-economic Prosperity”.

The vision and mission underpin the Authority as a catalyst for the overall achievement of Kenya’s Vision 2030 and Sustainable Development Goals (SDGs).

Towards this end, the Authority promises to commit to upholding the utmost degree of customer focus, transparency and accountability, collaboration and partnership, innovativeness, and professionalism.

This is guided by the wider Public Service Performance Management framework on aligning service delivery to the national development agenda and policy priorities.

This is the third-generational Strategic Plan at the Authority since it began operations in 2014. The plan was prepared as Kenya’s development process entered the 4th Medium Term Plan (MTP IV, 2023-2028) of Vision 2030, that is anchored on the Bottom Up Economic Transformation Agenda, a reversal of the earlier trickle-down national development paradigm.

Board Chairman, Hon Dr CPA Francis K. Njenga, says: “Through this Plan, UFAA commits to continue providing leadership in the management of unclaimed financial assets. Importantly, the realisation of the overall goals and objectives of this strategy will go a long way in positioning the Authority as a key pillar for shared and sustainable socio-economic development.”

The Authority plays a critical role in the implementation of Kenya’s long-term strategy, particularly in the Financial Services Sector Plan.

Additionally, the Authority plays a key role in the implementation of the finance and productive sector, which is one of the five sectors that have been identified to deliver the government’s MTP IV.

Toward the implementation of Kenya’s development philosophy of the Bottom Up Economic Transformation Agenda, specifically in the financial and production sector, the Authority will focus on:

1. Aggregation of unclaimed financial assets;

2. Investment in government securities at a non-competitive window;

3. Equitable re-unification of unclaimed financial assets with the rightful owners for shared socio-economic prosperity.

The Authority will also invest in Corporate Social Responsibility/Investments (CSR/I) programmes on the widows’ flagship programme and the national tree-growing, as well as restoration campaign to support climate change adaptation, mitigation and community resilience efforts.

For highlights of UFAA’s strategic interventions in 2023-2028, plus a quick glance at the Authority’s performance so far, click here.