The National Treasury has constituted a Technical Working Group to develop Kenya’s National Policy on Unclaimed Financial Assets, marking a major step toward tightening oversight and unlocking billions of shillings in dormant funds.
The taskforce, commissioned by Treasury and Economic Planning Principal Secretary Dr Chris Kiptoo, brings together officials from key government agencies, including the Kenya Institute for Public Policy Research and Analysis (KIPPRA). KIPPRA’s Acting Director for Development Economics Management, Dr Eluid Moyi, is among members of the team.
Speaking during the commissioning at the National Treasury, Dr Kiptoo revealed that the Unclaimed Financial Assets Authority (UFAA) is currently holding approximately Sh57 billion invested in government securities at the Central Bank of Kenya.
"This marks the start of a coordinated interagency effort to strengthen the identification, management, and reunification of unclaimed financial assets with their rightful owners and beneficiaries," said KiptooThe Authority also manages other unclaimed financial assets, including shares held in various institutions, safe deposit box contents, and other related assets.
The formation of the taskforce signals the start of a coordinated interagency effort to strengthen the identification, management and reunification of unclaimed assets with their rightful owners and beneficiaries.
Treasury says the forthcoming policy framework will address long-standing compliance and transparency concerns while modernising the reunification process through digital solutions. It will also seek to strengthen institutional coordination among regulators and financial sector players, close legal and regulatory gaps, and create mechanisms to unlock dormant financial assets.