UFAA UNVEILS 5-YEAR STRATEGIC PLAN

 BY VICTORIA MOVINE

The Unclaimed Financial Asset Authority (UFAA)  launched its Third Generation Strategic Plan 2023-2028 on 8th Jan 2023, that will guide the operations of the organization for the next five years.



The Strategic Plan 2023-2028 which happened at the Radisson Blu hotel, is aligned to the fourth Medium Term Plan (MTP IV), Sustainable Development Goals, the Kenya Vision 2030 and Government’s Bottom- Up Economic Transformation Agenda (BETA).

Director of Pensions at the National Treasury Alfred Kagika (second left) launches the UFAA Strategic Plan 2023-2028 flanked by UFAA Chairman Dr Francis Njenga, UFAA CEO & Managing Trustee John Mwangi and Board Member Joyce Mutegi at the Radisson Blu Hotel at Upper Hill, Nairobi.


Speaking during the official launch, the Principal Secretary the National Treasury and economic planning Dr Chris Kiptoo who was ably represented by the director pensions, Alfred Kagika said the Unclaimed Financial Assets management has been recognized in the fourth Medium Term Plan as a key enabler of financial inclusion under the Financial Services Sector plan.


While giving a recap that it previously took 60–70 days to make payments, the CEO stressed that the organisation aims to reduce the duration it takes to pay people their money, as UFAA is currently working on a 30-day payment scheme for the original owners and a 90-day payment scheme for deceased individuals.


HE further noted that a total of Kshs 62.34 billion of unclaimed financial assets have been received from holders – comprising of 1.7 billion units of shares and cash – out of which over 29,070 claimants have been reunified a total sum of Kshs 2.03 billion.

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