Strategic Plan

(2023 – 2028)

RECEIVE SAFEGUARD RE-UNITE

UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | i

Strategic Plan
(2023 – 2028)
ii | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Mission
To Receive, Safeguard and
Reunite Unclaimed Financial
Assets for Socio-economic
Prosperity

Vision Core Values

A Trusted Institution Stakeholder Focus,
in the Management Transparency and
of Unclaimed Accountability, Professionalism,
Assets Innovativeness, Partnerships
and Collaboration
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | iii

Table of Contents
LIST OF TABLES V
LIST OF FIGURES V
ACRONYMS VI
FOREWORD VII
PREFACE VIII
EXECUTIVE SUMMARY X

CHAPTER ONE: INTRODUCTION 1

1.0 OVERVIEW 1
1.1 BACKGROUND 1
1.2 MANDATE AND FUNCTIONS OF UFAA 1
1.3 GLOBAL, REGIONAL AND NATIONAL DEVELOPMENT CHALLENGES 2
1.3.1 Global and Regional Development Challenges 2
1.3.2 National Development Challenges 3
1.4 UFAA’S
1.4 UFAA’S
ROLEROLE
IN DEVELOPMENT
IN DEVELOPMENT
AGENDA
AGENDA 4
1.5 RATIONALE FOR PREPARING THE STRATEGIC PLAN 6
1.6 METHODOLOGY OF PREPARING THE STRATEGIC PLAN 7

CHAPTER TWO: SITUATION ANALYSIS 9

2.0 OVERVIEW 9
2.1 REVIEW OF PAST PERFORMANCE 9
2.1.1 Key Achievements 9
2.1.2 Challenges 10
2.1.3 Emerging Issues 10
2.1.4 Lessons Learnt 10
2.2 ENVIRONMENTAL SCAN 10
2.2.1 SWOT Analysis 10
2.2.2 PESTELECT Analysis
Analysis 15
2.3 STAKEHOLDER
2.3 STAKEHOLDER ANALYSIS
ANALYSIS 18

CHAPTER THREE: STRATEGIC MODEL 23

23
3.0 OVERVIEW
23
3.1 VISION, MISSION AND CORE VALUES
3.2 KEY RESULT AREAS, STRATEGIC OBJECTIVES AND STRATEGIES 25
25
3.2.1 KRA 1 – Financial Assets Receipt
iv | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

3.2.2 KRA 2 – Trust Fund and Financial Resources Management 27

3.2.3 KRA 3 – Financial Assets Re-unification 28
3.2.4 KRA 4 - Institutional Development 29
3.3 STRATEGY MAP 30

CHAPTER FOUR: IMPLEMENTATION AND COORDINATION FRAMEWORK 33

4.0 OVERVIEW 33
4.1 PROPOSED STRUCTURE OF UFAA 33
4.2.1 Staff Development Measures 33
4.3 FINANCIAL RESOURCES 36
4.3.1 Resource Management 36

4.4 RISK ANALYSIS AND MITIGATION MEASURES 36

CHAPTER FIVE: MONITORING, EVALUATION AND REPORTING 41

5.0 OVERVIEW 41
5.1 MONITORING THE IMPLEMENTATION OF STRATEGIC PLAN 41
5.2 MID-TERM REVIEW 41
5.3 END-TERM REVIEW 41
5.4 AD HOC REVIEW 41
5.5 REPORTING 41
5.6 LINKAGE BETWEEN STRATEGIC PLAN AND STAFF BALANCED SCORE CARD 42
5.7 CRITICAL SUCCESS FACTORS 42

ANNEX I: IMPLEMENTATION MATRIX 43

ANNEX II: MONITORING AND EVALUATION FRAMEWORK 50
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | v

List of Tables
Table 2-1: Environment Analysis 12
Table 2-2: PESTELECT
PESTELECTAnalysis
Analysis 15
Table 2-3: Stakeholder Analysis 18
Table 4-1: Staff Establishment 34
Table 4-2: Resource Requirements 36
Table 4-3: Risk Mapping 37

List of Figures
Figure 4 -1: Proposed UFAA Structure 33
 vi | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Acronyms
A-I-A Appropriation in Aid
AKI Association of Kenya Insurers

BCP Business Continuity Plan

BeTA Bottom-Up Economic Transformation Agenda

BSC Balanced Score Card

CAJ Commission on Administrative Justice

CBK Central Bank of Kenya

CBOs Community Based Organizations

CEO Chief Executive Officer

CMA Capital Markets Authority

CRM Customer Relationship Management

CS Cabinet Secretary

CSR/I Corporate Social Responsibility/Initiatives

CSOs Civil Society Organizations

ERP Enterprise Resource Planning

FSS Financial Services Sector

GDP Gross Domestic Product

HoD Head of Department

ICT Information Communication Technology

IEC Information Education and Communication

ICPAK Institute of Certified Public Accountants of Kenya

IPRS Integrated Population Registration System

IRA Insurance Regulatory Authority

KAM Kenya Association of Manufacturers

KBA Kenya Bankers Association

KEPSA Kenya Private Sector Alliance

KM Knowledge Management

KMA Kenya Medical Association

KPIs Key Performance Indicators

KRA Key Result Area

MDAs Ministries, Departments and Agencies

MoU Memorandum of Understanding

M&E Monitoring and Evaluation

MTEF Medium Term Expenditure Framework

MSMEs Micro, Small and Medium-Sized Enterprises

MTP Medium Term Plan

NAUPA National Association of Unclaimed Property Administrators

NGAO National Government Administration Officials

NGOs Non-Governmental Organizations

OAG Office of the Auditor General

PC Performance Contract

PESTELE Political, Economic, Social, Technological, Environmental, Legal and Ethical

PII Personal Identifiable Information

SDGs Sustainable Development Goals

SWOT Strengths, Weaknesses, Opportunities and Threats

UFA Unclaimed Financial Assets

UFAMS Unclaimed Financial Assets Management System

SACCOs Savings and Credit Cooperative Organizations

SASRA Sacco Societies Regulatory Authority

SMART Specific, Measurable, Attainable, Realistic and Time Bound

RBA Retirement Benefits Authority

ROI Return on Investment

QMS Quality Management System

 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | vii

Foreword

T
he Unclaimed Financial Assets Authority’s (UFAA) Strategic Plan
2023-2028 outlines the Authority’s corporate blueprint for the
next five years. The thrust of the Plan is anchored on Financial
Inclusion and Literacy as envisaged in the Medium-Term Plan IV (2023
- 2028) of the Kenya Vision 2030, the Sustainable Development Goals
(SDGs) imperatives (Goal 17), African Union Agenda 2063 (Goal 9 &
20) and aligned to the Government Bottom-Up Economic Transforma-
tion Agenda (BeTA) for inclusive growth in the five core pillars of
Agriculture; Micro, Small and Medium Enterprise (MSME) economy;
Housing and Settlement; Healthcare; and Digital Superhighway and
Creative Economy.

Specifically, the Plan underpins the enabler role of the Authority under government BeTA’s finance and
production sector through the aggregation, securitization, and socialization of the unclaimed financial
assets for shared national Socio-economic Prosperity.

Having become an established actor in the financial services landscape in Kenya, the Authority is
now positioned for a take-off in its strategic engagement with stakeholders, impact realization and in
optimization of aligned synergies. In comparison, the former corporate Plans 2015-2018 and 2018-2023
focused on setting up the Authority and establishing the nascent unclaimed financial assets regime in
the country.

The Plan articulates the Authority’s mandate of receiving, safeguarding and reuniting unclaimed financial
assets. This is cognizant of the Constitution of Kenya, 2010, the Unclaimed Financial Assets Act, 2011,
Unclaimed Financial Assets Regulation, 2016, other relevant laws and appropriate international best
practices. The Plan is alive to the place of the Authority in the dynamic finance and production sectoral
configuration that requires us to innovate, adapt, craft and deploy policies, strategies, and procedures
for excellent citizens’ service delivery and scaled-up institutional productivity.

The corporate Strategic Plan 2023-2028 is centered on four key strategic areas that reflect the
Authority’s mandate, and its operational contexts. It outlines the place of holders’ compliance with the
Unclaimed Financial Assets Act No. 40 of 2011, safeguarding of unclaimed financial assets and other
financial resources, reunification of unclaimed financial assets with the rightful owners, and
institutional development.

While appreciating the dynamism of the environment in which we operate and with the overarching
goal of being the ultimate reunifier of unclaimed financial asset in Kenya and beyond, the Authority has
prioritized to implement below strategic objectives:

1. To enhance holders’ compliance in declaration and surrender of unclaimed financial assets.

2. To strengthen accountability and sustainability in safeguarding unclaimed financial assets

and other financial resources.
viii | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

3. To increase the reunification rate of unclaimed financial assets with the rightful owners;

4. To strengthen Unclaimed Financial Assets Authority institutional capacity.

With this focus the Plan will fortify and consolidate our shared vision, mission and attendant initiatives.
The Authority will continue to strengthen its Governance, Risk and Compliance (GRC) scope;
and elevate her Environmental, Social and Governance (ESG) requirements to ensure enhanced
institutional capacity for delightful delivery and performance.

The Strategic Plan

Plan 2023-2028 will be a milestone towards reaching our vision of being a Trusted
Institution in the Management of Unclaimed Assets. Successful implementation of this Plan calls for
meaningful participation of all industry stakeholders including holders and claimants of unclaimed
financial assets, regulatory institutions just to name a few. Indeed, with everyone playing their part we
shall truly reap the benefits envisioned in the Plan.

I recommend this Plan to all the Authority stakeholders and commit to the Board, Management and
Staff to the required close collaboration with all parties that are essential for its success. I invite you
to close collaboration and engagements to realize envisioned results.

Thank you.

HON. DR. CPA FRANCIS K NJENGA

CHAIRMAN OF THE BOARD

 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | ix

Preface

I
am very optimistic about the ongoing development of unclaimed financial
assets regime in the country. Firstly, the submissions by members of the
board, staff and stakeholders in the course of developing this Strategic
Plan 2023-2028 show that many people care deeply about the future of
the Unclaimed Financial Assets Authority (UFAA). Secondly, among those
commenting, there is an overwhelming commitment to UFAA’s mission
expressed in this Plan: “To Receive, Safeguard and Reunite Unclaimed
Financial Assets for Socio-economic Prosperity”.
The mission remains fundamentally unchanged in the current Plan,
reflecting the sense of identity with it, which came through strongly in
all submissions.

This commitment to UFAA and its mission lends credence to enduring hope that the Authority will secure a
stable and prosperous future for its stakeholders over the next five years, 2023-2028. This Plan
demonstrates our commitment to achieving transformation and excellence in mission delivery.
To facilitate the delivery of our strategic objectives, UFAA is committed to growing a deep service culture,
to delivering excellence within an enabling environment, and to providing fit-for purpose infrastructure to
support the growing unclaimed financial assets regime in the country. At the heart of the service, is our
defined value system that all at the Authority will endeavor to live by on a daily basis.
The strategic objectives aim to deepen the reunification experience for rightful unclaimed financial assets
owners and beneficiaries, to enhance compliance by holders to UFA Act, 2011, and to unlock unclaimed
financial assets for sustainable and shared Social-economic Prosperity.
To this end, we shall scale-up our leverage on technology, partnerships, and innovation not only in making
service delivery to our stakeholders effectively and efficiently, but also in benefiting society by our institutional
being and conduct. We shall continue to cultivate and nurture mutual relationships with our stakeholders
as a vehicle for achieving our strategic objectives as we pursue our vision – A Trusted Institution in the
Management of Unclaimed Assets.
I would like to thank the Board of Directors for their counsel and inspirational leadership over this strategic
planning process. My sincere appreciation too is extended to the consulting firm, Kimstat Marketing
Intelligence and Statistical Consultants Ltd; the Authority’s Management team and Staff for their tireless
efforts that enabled the fruition of this plan development.
The UFAA corporate Strategic Plan 2023-2028 represents the collective inputs – a wide array of contributions
and thoughts – from partners and stakeholders. In this regard I would like to take this opportunity to thank
all of you for supporting this effort and providing your inputs during the extensive consultation process. We
look forward to working with you and all our stakeholders to vigorously pursue our collective ambitions, at
and for the Authority.
Let us work together in taking collective responsibility to oversee and monitor the implementation of this
new Plan. By investing in the future of UFAA, we are investing in the future of our great nation Kenya.

FA. JOHN K MWANGI, EBS

CEO & MANAGING TRUSTEE
x | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Executive Summary

T
he Unclaimed Financial Assets Authority of the national development thought process into
(UFAA) is a State Corporation established the Strategic Plan.
by the Unclaimed Financial Assets Act, 2011.
The Authority plays a critical role in the
The Authority’s mandate is to receive unclaimed
implementation of Kenya’s long-term strategy,
financial assets from holders of such assets,
and particularly the Financial Services Sector
safeguard and reunite these assets with the rightful
Plan. Additionally, the Authority plays a key role in
owners.
implementation of one (1) of the five (5) sectors that
This is the third-generation Strategic Plan for the have been identified to deliver the fourth MTP, that
Authority and has been prepared when Kenya’s is, the Finance and Productive Sector.
development process is geared towards the Towards realization of set targets in this strategy,
fourth Medium Term Plan (MTP IV, 2023 - 2028) UFAA has undertaken an environmental scan to
of the Kenya Vision 2030, and which now adopts map out factors that may affect its operations.
a Bottom-Up Economic Transformation Agenda Based on the situational analysis, the Authority has
approach. This has enabled the holistic integration identified four (4) Key Result Areas (KRAs):

Key Result Areas (KRAs):

Unclaimed Financial Assets Receipt;

Trust Fund and other Financial

Resources Management;

Unclaimed Financial Assets

Reunification;

Institutional Development.

This Plan envisions the Authority as ‘A trusted aspirations, the Authority is committed to upholding
institution in the management of unclaimed assets’ StakeholderFocus,
utmost degree of Stakeholder Focus,Transparency
which will be achieved by ‘Receiving, Safeguarding and Accountability, Professionalism, Innovativeness
and Reuniting Unclaimed Financial Assets for and Partnership and Collaboration.
Socio-economic Prosperity’. To realize the Plan
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | xi

The Authority has adopted the following Balanced Organizational Capacity. Here is a breakdown of
Score Card (BSC) Perspectives: Stakeholders, the strategic objectives the Authority will pursue from
Financial Stewardship, Internal Processes and each BSC perspective:

1 2 3 4

Stakeholder Financial Internal Organizational

Perspective Stewardship Processes Capacity
strengthening will aim to grow will seek will aim at
customer the Authority’s to reduce the enhancing employee
satisfaction, revenues, Turn- around engagement, and
diversify revenue time to reunify,
collaboration improving corporate
streams, strengthen
and partnership, culture, governance,
and manage innovation
and corporate Authority’s and process and employee
brand expenditures; automation competencies.

The Strategic Plan implementation and coordi- KRAs-specific outcomes, which will be reported on
nation framework, which describes how UFAA will an annual basis, at the mid-term as well as at the
implement this strategy, has also been developed. end-term of the Plan implementation. In so doing,
the implementation of the Plan will be a critical
Full implementation of the Plan will require Ksh7.48
mirror of the progress realized by the Authority over
Ksh7.48a billion,
billion, sum that will call for a dynamic resource
the next five (5) years.
mobilization strategy. Some of the strategies to be
employed include accruals from investments as well
as prudent cost management of resources.
The Plan has also provided for Monitoring,
Evaluation and Reporting, which will help in
identifying areas needing improvement in terms of
strategy and system effectiveness. The Plan will be
monitored and evaluated through the identified
xii | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

CHAPTER

1
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 1

INTRODUCTION

1.0 Overview as: Passage of time, death of owners, missing

records, lack of asset tracking mechanisms and
This Chapter presents background information the absence of legal and regulatory provisions
about UFAA, including its mandate and functions; for holding institutions to declare the unclaimed
regional, global, and national challenges that relate financial assets in their records to the Authority.
to UFAA; as well as its role in Kenya’s development Under this framework, the Act established UFAA
process. as a Government Agency tasked with regulating
the UFA regime in Kenya, holding and investing
1.1 Background UFA as a trustee and paying these out to rightful
owners and/or beneficiaries.
The Unclaimed Financial Assets Act no.40 of 2011
provides legal definition of unclaimed financial The Constitution of Kenya is the foundation of
assets and tasks UFAA with the responsibility of all policies, laws and actions by State agencies
receiving, managing, and reuniting unclaimed in Kenya. The provisions of the Constitution that
financial assets with their rightful owners. It underpin the establishment of UFAA include: The
prescribes periods of dormancy beyond which right to property whereby Parliament is prohibited
unclaimed financial assets require to be identified, from enacting law that permits the State or any
segregated, reported and remitted by holding person to deprive a person of property of any
institutions to UFAA. description or of any interest in or right over, any
property of any description; economic and social
The Authority is the brainchild of a 2008 taskforce rights. These rights are deemed to have been
that was formed to ascertain the nature, extent promoted by the State when it facilitates the
and value of unclaimed financial assets in Kenya. residents to exercise their economic and social
It was also tasked to make recommendations affairs in a conducive and facilitative environment.
for an appropriate policy, legal, regulatory, and A framework ensuring the safe custody and re-
institutional regime to govern unclaimed financial unification of unclaimed assets with the rightful
assets. In its report, the taskforce noted that the owners is an important State responsibility, and the
obtaining situation in Kenya at that time contrasted protection of the economic interest of consumers.
sharply with the international best practice. There
was no local framework to deal with unclaimed 1.2 Mandate and Functions of UFAA
financial assets and no hope of reunifying the
assets with their rightful owners or beneficiaries. The Authority’s mandate is to receive unclaimed
financial assets from holders of such assets,
Then, reasons for lack of reunification of these safeguard and reunite these assets with the
assets with their rightful owners were identified rightful owners.
2 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

The functions of the Authority are to:

a. Enforce and administer the provisions of financial assets.

the UFA Act, 2011.
h. Make payments out of the Fund to the
b. Ensure holders of unclaimed financial identified owners of unclaimed financial
assets reunite them with the rightful assets in accordance with the provisions of
owners or surrender them to the Authority. the Act.
c. Examine and inspect unclaimed financial i. Act as the Trustee of the Fund in
assets to ensure accurate reporting by the accordance with Part V of the Act.
holders.
j. Manage and invest the funds received in
d. Ensure that all relevant information on the Trust Fund.
unclaimed financial assets is submitted to
k. Spearhead implementation of unclaimed
the Authority and maintained in a database.
financial assets policies and procedures.
e. Receive all unclaimed financial assets
l. Regulate and oversee matters relating to
required by the Act to be made to the
unclaimed financial assets.
Unclaimed Assets Trust Fund.
m. Advise the Cabinet Secretary on pertinent
f. Assume custody of the rights of unclaimed
matters relating to unclaimed financial
financial assets holders in respect of
assets.
surrendered assets.
n. Perform such other functions as are
g. Locate and notify owners of the unclaimed
conferred on it by the Act or any other
written law.

1.3 Global, Regional and National Development Challenges

1.3.1 Global and Regional Development Challenges

Governments are becoming increasingly aware value financial assets have been a key challenge.
of the need to regulate unclaimed assets with, Towards addressing this, countries have come up
many countries around the world having enacted with regulations establishing a threshold for what
laws that govern the management of unclaimed can be claimed. For example, in Canada, assets
assets. Despite this, it is evident that different lower than $25 are forfeited to the State. However,
governments face challenges in the management this has not solved the challenge of low re-
of these assets. Even though the United States of unification rates. More so, some governments
America (USA) has been a leader in developing treat unclaimed assets as a source of additional
legal and policy frameworks that govern the revenue to assist in meeting their expenses, with
management of UFAs, the rate of reunification is elaborate plans on how to use the money.
still low, recording an average rate of 40%. This Some countries have come up with social
has also been the case in other countries. investments using unclaimed financial assets
accruals. For example, the State of Florida in the
The lack of complete records coupled with low USA has designed and developed education
support programmes with the 60% unclaimed
assets collected annually.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 3

This is a small portion of what is estimated to be

However noble, the key pillar in the management
held by private and public players, mainly because
of unclaimed financial assets is reunification.
the UFAA has not been able to cover all
In the United Kingdom (UK), the Commission institutions. Further to this, there are 19 million
on Unclaimed Assets addresses three (3) main records, out of which 40% belong to Kenyans who
issues: Reuniting customers with their money and have died, 10% to institutions, and about 50% to
consumer protection; the transfer of unclaimed beneficiaries who are still alive. However, rightful
assets to a new entity; and the best use of owners remain disinterested in pursuing funds
unclaimed assets, which is the major focus of the legally belonging to them or their families.
commission. The Commission proposes to
support a range of activities that include support for Kenya has come a long way in the development
third sector organizations, supporting communities of strong governance frameworks for the various
to acquire land or buildings and promoting sub-sectors in the larger financial services
enterprise in disadvantaged communities. industry. Specifically, with regard to the unclaimed
financial assets regime, the regulatory framework
South Africa has not been able to develop a conceived in 2011 has witnessed tremendous
legal or policy framework to guide the achievements that are now reflected in the work
management of unclaimed financial assets. of UFAA. These achievements, however, need to
Instead, the Association for Savings and be accompanied by a robust reunification strategy,
Investment indicates that it reserves the right to which is the most important pillar of the unclaimed
holding and growing unclaimed policy benefits financial assets regime. During the period of
until the rightful owner is found, no matter how long implementation of the Act, a lot of valuable
it takes. A legal or policy framework is seen as a lessons have been learnt and gaps identified in the
way of denying them the chance to continue original idea reflected in the architecture of the Act.
holding the unclaimed benefits after some time.
The association also indicates that irrespective of The current situation on unclaimed financial
the source of the unclaimed assets, the life assets in Kenya can be summarized as follows:
company must make sure that the money is 1. There is low level of public awareness on the
invested in such a way that the policyholder or Authority’s mandate thus low compliance rate
beneficiary, once traced, receives an amount in among holding institutions and low claim rate from
line with the expectation created by the risk policy the rightful owners and beneficiaries of UFA;
or investment policy contract.
2. Inadequate policy and legal framework to allow
1.3.2 National Development Challenges differentiated claim modes. Currently, there are
no regulations that allow or require differentiated
A baseline survey commissioned in 2018 claims modes depending on the value of the claims.
estimated that Ksh241 billion in unclaimed This has led to inefficiency and ineffectiveness in
financial assets were still unreported to UFAA by reunification of the different types of assets;
public agencies and private firms. The report
further showed that about 477,112 public and 3. Inadequate human resource capacity continues
private entities hold these assets in their books. to hamper the Authority’s efficiency in ensuring
As of December 2022, assets worth Ksh55.6 billion
had been surrendered to the Authority.

1
Commission on Dormant Assets Report, 2017
2
FSCA Discussion Paper on a Framework for Unclaimed Assets. Available online at https://bowmanslaw.com/insights/banking-and-
financial-services-regulatory/south-africa-fsca-discussion-paper-on-a-framework-for-unclaimed-assets/
4 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

implementation of the Act; Statement of the Authority which is to ‘Receive,

Safeguard and Reunite Unclaimed Financial
4. Variation in recording and management of Assets for Socio-economic Prosperity’. This is a
unclaimed financial assets across different sectors key role in the achievement of the Kenya’s Vision
before the Act. Many holding institutions 2030 and Sustainable Development Goals (SDGs)
operated, and unfortunately, continue to operate targets.
below the envisioned regulatory standards and best Specifically, Goal 16 calls for the promotion of
industry practices and policies on unclaimed peaceful and inclusive societies for sustainable
financial assets. This justifies setting and enforcing development, provide access to justice for all and
uniform definitions, accounting, and reporting build effective, accountable, and inclusive
requirements for unclaimed financial assets across institutions at all levels. SDGs targets 16.3
all sectors. specifically advocates for promotion of the rule of
law at the national and international levels and
1.4 UFAA’s Role in Development Agenda ensure equal access to justice for all, while SDGs
target 16.4 calls for strengthening the recovery and
The primary mandate of the Authority is to receive
return of assets, which is within the purview of the
UFAs from the holders of such assets, safeguard
and reunite them with their rightful owners. Unclaimed Financial Assets Authority.
This mandate is vividly captured by the Mission The Authority’s operations significantly interface
the financial services sector, including banking,
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 5
6 | UNCLUN
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AUETTSHORITY STRATEGIC PLAN (2023 - 2028)

Transformation Agenda (BeTA), specifically in

production sector, the Authority
the financial and production
will focus on: Aggregation of unclaimed financial
assets; investment in government securities at
a n on -competitive window; a non-competitive window; and 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
and the national tree growing restoration
campaign to support climate change adaptation,
mitigation and community resilience efforts.
Additionally, one of the focus areas of the
incumbent government/administration is on
financial inclusion as well as support to Kenya’s
social and productive sectors. This creates an
enabling environment for the Authority to deliver
its mandate.

The Financial Services Sector Plan of the fourth

Medium Term Plan (MTP IV) has set an
ambitious reunification target for the Authority,
at 20% per year in the medium term. Further
to this, the government has stressed the
capital markets, insurance, retirement benefits/ need for strong institutions which are fully
pensions, Judiciary and Sacco societies. As such, supported by an enabling legal, policy and
in the Kenya Vision 2030, the Financial Services institutional framework. In reference to
is one of the key sectors under the financial and Unclaimed Financial Assets Authority, it is
production pillar of the MTP IV of the Kenya important to have laws on unclaimed assets to
Vision 2030 and has been pointed out as a critical give holders legal compulsion to manage these
foundation for the achievement of the 10% annual assets considering the interests of the owners.
GDP growth rate. Further to this, these laws reduce potential fraud
by holding institutions and related entities.
The Authority is also key in ensuring that all
Kenyans participate in the economic processes The role of the Authority in strengthening the
of the country. Establishing status of unclaimed framework for governing, handling and managing
financial assets and reuniting them with rightful unclaimed financial assets as an essential
owners is key in increasing opportunities for component of a safe and sound financial sector
individual savings for personal investments in is critical. The Authority is expected to play a
health, education, housing, among other key role of: Ensuring a stable financial system
productive sectors of the economy, and to with high levels of integrity and enhanced
reduce vulnerability. controls over unclaimed financial assets held
and managed by holding institutions; providing
Towards the implementation of Kenya’s high levels of consumer protection to rightful
development philosophy of Bottom-Up Economic owners and beneficiaries of unclaimed financial
assets; creating a strong framework for effective that is consistent with international best practice,
and efficient reunification of unclaimed financial through periodic reviews of existing legislation and
assets with the rightful owners and beneficiaries regulations and the development of new legislation
under an indefinite right of reunification after (if necessary) to enhance effective and transparent
remittance to the Authority; and establishing a governance and administration of UFAs in Kenya.
regime for transparency and prudence in the
management of unclaimed financial assets held
by the Authority and the effectiveness of the re- 1.4 Rationale for Preparing the Strategic
unification of the assets with the rightful owners Plan
and, or beneficiaries.
This Strategic Plan is a demonstration of the
UFAA is further a key institution in establishing a Authority’s commitment to fulfilling its mandate
framework for alignment of unclaimed financial through mapping out of key partners and resources
assets as governance to relevant national policy required for successful implementation of its
documents, the national vision for the Medium mandate.
Term Plan (MTP-IV) and to ensure compliance with
Article 6(3) of the Constitution of Kenya regarding The Plan sets out the basis of the Authority’s
access to public services; providing for the existence and guides its operations for the next five
ascertainment, and constant updating of data on (5) years. To ensure effective coordination with the
the size, nature and extent of unclaimed financial wider Government policy agenda, it is necessary
assets in Kenya both by the Authority and the to ensure proper alignment of the Authority’s
holders; and enhancing the regulatory framework strategic direction with the fourth Medium Term
for management of unclaimed financial assets to Plan (MTP IV), Sustainable Development Goals,
conform to the national policy and laws; and the Kenya Vision 2030 and Government’s Bottom-
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 7

Up Economic Transformation Agenda (BeTA) and provide a strategic direction that will enable the
related policy priorities. Authority to achieve optimal performance. The Plan
seeks to re-position the Authority to respond to
This third strategic plan for UFAA is designed to emerging trends in the management of
Unclaimed
UnclaimedFinancial
Financial
Assets:
Assets:

Align the
work of UFAA with the
Financial Services Sector
Plan of the fourth Medium Rationale for
Term Plan (MTP IV) of the Communicate
Kenya Vision 2030 and other Preparing the
the Authority’s
international development Strategic Plan Vision to its
frameworks such as stakeholders.
Sustainable Development
Goals (SDGs).

Strengthen Provide a framework

the Authority’s for monitoring
capacity for service and evaluation
delivery. of the Authority’s
performance.
Provide
Provideaaframework
framework
for mobilising
mobilizingresources
resources
towards
towardsachievement
achievement
of theAuthority’s
of the Authority’s
mandate
mandateas aswell
wellasas
supporting production
sectors.

1.5 Methodology of Preparing the Strategic Plan

The preparation of the Strategic Plan commenced preparing the Plan, and conducted stakeholders’
with the appointment of a Technical Committee, consultations, both internal and external. The
drawing membership from all UFAA departments. draft Plan was subjected to rigorous internal and
The Committee provided overall guidance during external stakeholders’ engagements where
the planning process. Together with the valuable inputs on the Strategic Plan were received
Consultant, the Committee reviewed existing legal and incorporated into the document.
and policy documents that provided the context for
 | UNCLAIMED
88 | UNCLAIMED FINANCIAL
FINANCIAL ASSETS
ASSETS AUTHORITY
AUTHORITY STRATEGIC
STRATEGIC PLAN
PLAN (2023
(2023 -- 2028)
2028)

CHAPTER

2
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 9

SITUATION ANALYSIS

2.0 Overview

This chapter presents key milestones and challenges in shares).

faced by UFAA including an assessment of
its operating environment using SWOT and b) Safeguarding unclaimed financial assets: In the
PESTELECT tools. Stakeholders’ analysis
PESTELECT plan period, the Authority invested available funds in
was undertaken to identify their interests, line with the approved Investment Policy Statement
relationships, and expectations. These analyses (IPS); ensured safe custody of all reported UFAs,
formed the basis for the formulation of Key Result optimal management of financial resources,
Areas (KRAs), strategic objectives and strategies. timeliness, prudence, and transparency in reporting;
and prepared annual budgets and resource
2.1 Review of Past Performance mobilization plans, created awareness with
holders among others.
2.1.1 Key Achievements
In the plan period, the Authority surpassed its
a) Unclaimed financial asset receipts: In the Plan
annual investment target, except in FY 2019/20. The
period, the Authority undertook a baseline survey
Authority accrued Ksh1.19b, Ksh1.4b, Ksh1.5b,
on UFAs and was able to map out sources of UFAs
Ksh1.8b and Ksh1b (half year). This translates to a
through compliance partnerships, monitoring and
total of Ksh7b against a target of Ksh6.7b. In the last
reporting; it held strategic meetings with regulatory
four financial years (2018/19 – 2021/22), the Authority
bodies on disclosure and reporting; strengthened
realized Ksh21.6 million in Appropriation in Aid (A- I-
holder compliance enforcement by promoting
A), against a target of Ksh12.6 million.
Alternative Dispute Resolution
(ADR) as an effective way of This interest
is interest earned
earned fromfrom
fundsfunds
in
conflict resolution; undertook in
thethe account
account andand
not not required
required for
targeted holders’ education and for immediate
immediate use.was
use. This Thisa result
was a
awareness campaigns; result of favourable
of favorable interest
interest rate rate
regime
implemented Unclaimed Financial regime well than
as well as lower as lower than
expected
Assets Management System expected rate of re-unification.
rate of reunification.
(UFAMS) with a validation check
c)
c) Unclaimed
Unclaimed financial
financial assets
assets re-
re-
on holders’ reports for mandatory
fields, among others.
Ksh55.6b unification:
unification: The
The Authority
Authority was able
to
to segment
segment data
data using
using available
available
unique primary identifiers
unique primary identifiers e.g.,
As a result, the Authority received
ID/Passport
ID, Numbers; Numbers;
Passport reviewed
financial assets worth Ksh55.6b
payment
reviewed period downwards
payment to
period
(composed of Ksh27.28b in cash
seven
downwards (7) todays;
sevenimplemented
(7) days;
and Ksh28.32b
different
implemented modes of modes
different paymentsof
through
payments banks, SACCOS,
through banks, mobile
10 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

money, and cheques; provided a dedicated Strategic Plan was undertaken. The review
customer service desk; among others. The established the extent to which the Authority
Authority also held awareness and education should adjust the planned targets in relation to
forums with claimants; established partnerships challenges and emerging issues that occurred
and collaboration with key service providers such during the implementation of the first phase of
as Huduma Kenya Secretariat (HKS), and with the the Plan. It is important to undertake periodic
Ministry of Interior and Co-ordination, among others. reviews on the implementation of the Strategic
However, the rate of reunification (of cash and non- Plan in order to adjust targets in accordance
cash assets) is still less than 5% of Trust Fund value. with prevailing circumstances.
It was recorded at 2.7% at midpoint and 3.7% at the ii. The Authority has automated a substantial
end of the plan period – for all assets and at 5.7% for proportion of its services. This has led to efficiency
cash assets. and effectiveness in service delivery. It is therefore
important for the Authority to leverage ICT in
2.1.2 Challenges offering services, through continued automation.
iii. End-term review of the Strategic Plan was
Despite the achievements realized in the last five (5)
subjective. Most of the output targets and
years, the Authority faced the following challenges:
indicators did not meet the SMART criterion.
There is a need to set SMART objectives and
i. Inadequate staffing
realistic targets.
ii. Absence of policy framework
iv. Given that the Authority works with different sectors
iii. Inadequate monitoring of the
as holders with varied levels of compliance, there
implementation of memorandums of
is a need for individualized engagement
understanding
frameworksfor enhanced compliance.

2.1.3 Emerging Issues v. Strong collaboration and partnerships with

stakeholders lead to effectiveness and efficiency
The impact of drought on livelihoods is worsening in service delivery.
owing to their frequency and intensity. As at the time
of preparing this Plan, Kenya was facing the worst
drought in over four decades, with failed rains in five 2.2 Environmental Scan
consecutive seasons. Addressing drought risks is
further worsened by the multiplicity of other climate 2.2.1 SWOT Analysis
change related hazards such as pests (including
desert locusts), and the emergence of virulent strains This section presents UFAA’s Strengths,
(such as COVID-19). Weaknesses, Opportunities and Threats.

The country is currently experiencing an increase Strengths - areas of key internal capabilities that
in prices of basic commodities. This coupled with UFAA can build on in implementing this
unpredictable fluctuations of inflation rates, interest Strategic Plan;
rates and exchange rates, increases the cost of
living. Weaknesses - areas in which UFAA needs to
improve, and which should be addressed in the
2.1.4 Lessons Learnt Strategic Plan implementation framework;

i. A mid-term evaluation of the Strategic Plan Opportunities - external environment that UFAA
to establish the level of implementation of the can take advantage of in the next five years; and

Threats - external environment may pose.

UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 11
12 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Table 2-1: Environment Analysis

STRENGTHS
Properly anchored in law: It is established under an
Act of Parliament. It is the only institution mandated
with the management of unclaimed financial assets
in Kenya.
Competent, cohesive and an enabling Board of
Directors.
A skilled, collaborative, and performing management
team.
Competent and dedicated staff (unity of purpose,
knowledgeable workforce).
Automated services (UFAA has substantially
automated most of its services).
S
Existence of operational policies.
Facilitative workplace environment (adequate
working tools, space, and equipment).
Enhanced
Enhanced knowledge managamentframework.
knowledge management framework

THREATS
Cybercrime/data loss risk.
Changing government priorities

T
.Low holders’ compliance.
Litigation from holders and claimants.
Low compliance with the UFA Act by public
institutions.
Effects of pandemics, epidemics, and disasters.
Lack of clear interpretation of non-cash
assets (such as shares).
UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 13

WEAKNESSES
Lengthy
Lengthyclaims
claimsprocess
process(given
(giventhat
thatthe
thelaw
law is
is prescriptive)
prescriptive).
Low
Low brand
brand visibility
visibility and
and awareness
awareness
Inadequate
Inadequatestaff

W
staff.
Low holders’ compliance and re-uni ication
Low holders’ compliance and reunification.
Non-institutionalized
Non-institutionalized corporate
corporate culture
culture.
Limiting
Limitinglegal
legaland
andpolicy
policyframework
framework.
oarding
Weak Board-Management relations.
Weak Board-Management relations

OPPORTUNITIES
Partnerships and collaborations (National
Government Administration Officers (NGAOs),
other government institutions, private sector
and non-State actors).

O Advancement in digital space enables the

Authority to fully digitize its processes.
Political good will - engagement with legislators
to fast-track legislative reforms when
necessary to broaden the scope.
The existence of Huduma centres across
the 47counties.
The existence of supportive legal and
policyframework, and regulatory bodies
(CBK, SASRA, CMA, RBA, IRA, ICPAK).
Growth in mobile money payment and digital
platforms for small-value claims.
Government support and goodwill.
The existence of umbrella religious and social
institutions.
Knowledge
Knowledge management
management.
14 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

consideration
Theological
PESTELECT
Corporate
Culture
Ethical
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 15

2.2.2 PESTELECT Analysis

This section reviews and presents the effect of major Political, Economic, Social, Technological,
Environmental, Legal, Ethical, Corporate Culture and Theological factors on the operations of UFAA.

Table 2-2: PESTELECT Analysis

Category Issue Description/Implication

Political Changing One of the focus areas of the current administration is on finan-
government cial inclusion as well as support to Kenya’s social and produc-
priorities tive sectors. This creates a better environment for the Authority
to deliver its mandate. Successive administrations have varied
manifestos in regard to UFAs.

Goodwill UFAA has continued to enjoy goodwill from different stakehold-

ers. Goodwill influences funding and policy. In the medium term,
UFAA will continue to leverage the existing goodwill to enhance
receipts and reunification rates.

Conflict of Whereas the Authority is a custodian of UFAs (before they are

interest reunited with the rightful owners), at times it may be viewed as
‘idle’ money. This calls for continued engagement with various
stakeholders as well as upscaling education and awareness
among stakeholders. The Authority will put in place internal con-
trols and more verification procedures to minimize fraud as well
as conflicts of interest.

Political The country is experiencing political stability, hence a favorable

stability environment. However, potential political unrests may affect the
way the Authority delivers its mandate.

Devolution Devolution has brought services closer to the people and the
Authority may need to strengthen its collaboration and partner-
ship with county governments.

Economic Macroeconomic A stable macroeconomic environment provides opportunity for

stability sustainable growth. The country is currently experiencing in-
crease in the prices of basic commodities. This coupled with
unpredictable fluctuations of inflation rates, interest rates and
exchange rates, increases the cost of living. Re-unification of
unclaimed financial assets is an economically unsustainable
model given lack of complete and accurate records of unclaimed
financial assets held by the holders.

Mainstreaming UFAs management has been recognized in MTP IV as key en-

of UFAs in abler of financial inclusion under the Financial Services Sector
policies, plans plan. There is need to strengthen the link between plans and
and budgets policies.
16 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Category Issue Description/Implication

Social Increased Public perception that UFAA’s role is part of government strate-
awareness gy to obtain additional revenue to fund public expenditure using
the ‘idle’ funds. The Authority will undertake advocacy and sen-
sitization campaigns, in addition to engaging the media through
provision of timely and accurate information for objectiveness in
reporting.

Retrogressive Cultural practices/beliefs discourage testators from preparing

beliefs testamentary documents hence assets turned over to the
Authority without the heirs’/beneficiaries’ knowledge.

Many citizens don’t declare the wealth/assets in full hence

tracing next of kin becomes a problem.

Technological Advancement Rapid technological change will soon render existing ICT infrastru
in technology ture obsolete. This necessitates continuous replacement and
adaptation as demand for technology-based services calls for
increased automation. The Authority will, therefore, automate
most of its services for effectiveness and efficiency and for
enhanced brand visibility and improved, timely provision of
feedback.

However, with increased automation, claimants are required

to be technologically savvy to navigate and make claims on the
online portal. With rapid change in technological advancement,
the risk of data loss and unauthorized access also increases.
The Authority will develop a Business Continuity Plan (BCP)
to ensure continuity of service delivery in the advent of illegal
attacks.

Information • Growth in use of social media platforms amongst

dissemination stakeholders offers UFAA an opportunity for disseminating
information on UFAs.

• For objectiveness, the Authority will review and implement

a media engagement policy to guide its interactions with
the media.

• UFAA will regularly update its social-media platforms.

• The Authority will develop new modes of communication for

wider reach (such as religious umbrella bodies, vernacular
radio and TV stations, champions etc).
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 17

Category Issue Description/Implication

Environmental Triple planetary Has been identified as the most significant health threat of the
crisis (threat of 21st century. It endangers billions of lives and livelihoods across
climate change, every continent and threatens the systems upon which we all
Biodiversity depend. The Authority will develop and implement a CSR ac-
loss, and land tion plan to render a hand in mitigating effects of this emerging
challenge.
degradation)

Legal Legislative Supportive legal and policy framework is a key ingredient for
framework the Authority to deliver on her mandate. Especially necessary is
a concrete definition of a holder and the conditions that qualify
an asset to be categorized as an unclaimed asset under the
UFA Act.

Development/review of the legal and policy framework is depen-

dent on the parent Ministry.

Ethical Good • Holders treat unclaimed financial assets as additional

governance revenue streams and are thus reluctant to declare and
surrender them to the Authority.

• There are inherent fraud risks.

Sustainability The African Union Agenda 2030 encourages corporates to adopt

sustainable practices and to integrate sustainability information
into their reporting cycle.

Community The Authority will develop and implement a CSR action plan,
social impact focusing on cross-cutting issues.

Corporate Performance- The Authority will mainstream progressive culture amongst staff
culture oriented to stimulate a performance culture.
corporate
culture

Theological Religious The Authority will be neutral with respect to religious orientations
consideration orientation in the country.
18 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

2.3 Stakeholder Analysis

An analysis of the stakeholders is undertaken to clearly outline their roles/functions; their expectations
from UFAA; what the Authority should do to meet their expectations; and what the stakeholders should
do to assist UFAA realize her mandate.

Table 2-3: Stakeholder Analysis

Name of Stake- Stakeholder’s expectation UFAA’s expectation from the stakeholder

holder from UFAA

The National • Prudent management of • Development of supportive legal and policy

Treasury funds. framework.
• Timely submission of • Timely approval of budgets.
reports. • Timely approvals of transfers from the
• Compliance with financial Trust Fund.
management laws and • Financial advice, concurrence, and approval
regulations. of investment projects.
• Advisories. • Technical support upon request.
• Objective feedback.
• Support in resource mobilization.

Holders • Guidance on compliance. • Make reasonable efforts to locate rightful

• Capacity building on owners of assets in their custody.
reporting and • Timely reporting of UFAs as prescribed.
compliance. • Accurate UFAs information.
• Prompt feedback. • Objectiveness.

Claimants • Prompt settlement of • Provide complete and accurate claim

claims. documentation.
• Simplified and cost- • Cooperation.
effective claims
process.
• Prompt feedback.
• Awareness creation on re-
unification.
Regulatory • Collaboration and • Assist the Authority in the
bodies e.g. CBK, partnership enforcement of the provisions of
CMA, IRA, ICPAK the UFA Act (generally ensure that the
etc objectives of the Act are achieved)
• Technical support upon request.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 19

Name of Stake- Stakeholder’s expectation UFAA’s expectation from the stakeholder

holder from UFAA

Judiciary • Collaboration and • Fast tracking of verification of grants.

partnerships. • Expedition of succession cases.

Office of Auditor • Collaboration and • Objectiveness.

General (OAG) partnerships. • Cooperation.
• Timely submission of • Capacity building.
annual reports and
financial statements.

MDAs, Com- • Collaboration and • Comply with the Act.

missions, and partnerships. • Timely and accurate information.
Independent • Capacity building.
Offices
• Timely and accurate
information.

Industry and pro- • Collaboration and • Goodwill.

fessional associ- partnerships. • Capacity building.
ations (KBA, AKI,
• Collaboration and partnerships.
KMA, NAUPA,
KEPSA etc)

Development • Collaboration and • Collaboration and partnership.

Partners partnership.

Data collabora- • Collaboration and • Collaboration and partnership on big data

tors (telecoms, partnership on big data and information.
IPRS etc) and information. • Goodwill.
• Goodwill.

Academia and • Collaboration and • Conduct research on UFAs.

research institu- partnerships. • Knowledge management.
tions • Use research findings

Non-State Actors • Collaboration and • Outreach.

(CSOs, NGOs, partnerships. • Objectiveness.
CBOs etc)

Legislative bod- • Initiate and provide • Pass favorable laws and legislations.
ies i.e. National technical support on the • Objective oversight.
and County legislation process.
• Support in resource mobilization.
Assemblies • Transparency and
accountability.
20 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Name of Stake- Stakeholder’s expectation UFAA’s expectation from the stakeholder

holder from UFAA

UFAA Staff • Commensurate and fair • Confidentiality in handling Personal

remuneration. Identifying Information (PII).
• Meritocracy. • Productivity, professionalism, and
• Supportive policies (in teamwork.
place). • Compliance with laws and regulations.
• Career progression and • Accountability and transparency.
development.
• Conducive working
environment.
• Management and Board
support.

Media • Timely provision of • Inter-mediation.

accurate • Support in improving visibility.
information.
• Objective reporting.
• Collaboration and
• Collaboration and partnerships.
partnerships.

Service provid- • Fair and transparent • Timely and quality products and services.
ers (e.g. consul- tendering processes • Compliance with laws and regulations.
tants, suppliers) • Timely payment. • Confidentiality.
• Compliance with laws
and regulations.

General public • Accurate information. • Goodwill and cooperation.

• Implement CSR/I
CSR/I
programmes.
UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 21
22 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

CHAPTER

3
UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 23

STRATEGIC
MODEL

3.0 Overview

This chapter delves into areas of

focus for UFAA in the period 2023-
2028. These areas of focus themed
Key Result Areas (KRAs) have broad
strategic objectives which the Author-
ity commits itself to accomplish in the
long term. The strategies include spe-
cific means, ways, and the methods
by which the Authority plans to accom-
plish the objectives.

3.1 Vision, Mission and Core

Values

Vision Statement
A Trusted Institution in the Manage-
ment of Unclaimed Assets

Mission Statement
To Receive, Safeguard and Reunite
Unclaimed Financial Assets for So-
cio-economic Prosperity
24 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

1 Stakeholder Focus: We will always act with a

sense of urgency, make timely decisions, and
provide responsible solutions that meet the
needs of our stakeholders. At all times, we will
provide equal access to services, opportunities,
and resources to all. We will ensure timely pro-
vision of accurate information. All staff members
will be treated fairly and equally.

2 Transparency and Accountability: We will con-

duct business in an open manner, upholding high
levels of integrity, uprightness, and fairness. We
will adhere to corporate and moral values, acting
with honesty and fairness, and treating all staff
and stakeholders fairly, equally, with respect and
within the law.

Core 3 Collaboration and Partnerships: We are com-

mitted to working as one to attain our full potential
and achieve the shared Authority goals. We will
Values
partner and network with our stakeholders to
harness synergies for greater impact. We will con-
tinue to provide quality attention to all our partners
and provide services that fit their needs.

4 Innovativeness: We will embrace and support

creativity and adopt new products and services.

5 Professionalism: Staff of the Authority will

demonstrate highest level of competence, effi-
ciency, and ethical values in realizing its goals.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 25

3.2 Key Result Areas, Strategic Objectives and Strategies

Based on the situation analysis presented in Chapter Two (2), UFAA has identified key strategic issues
that include the need to:

iii
i
Strengthen
accountability and
Enhance holders’
sustainability in safe-
compliance with
guarding UFAs and
the Act.
other Authority financial
resources.

ii
iv
Increase the rate
of reunifying Develop capacity of
UFAs with rightful the Authority to deliv-
owners. er on its mandate.

This will be realized through four (4) Key Result Areas:

a. Unclaimed financial asset receipt; c. Unclaimed financial assets re-unification; and

b. Trust Fund and other financial resources man- d. Institutional Development.
agement;

3.2.1 KRA 1 – Unclaimed Financial Assets Receipt

During the FY 2018/19, the Authority undertook a to a deficit of Ksh44 billion worth of assets. Most of
baseline survey to gain a deeper understanding of these assets had been submitted by banks (67.7%),
unclaimed financial assets with regards to tentative by listed companies (16.9%), telecoms (9.3%), in-
values, potential holders, as well as asset catego- surance companies (5.3%), other sources (0.3%),
ries. According to the survey, financial assets worth pension funds (0.1%) and Sacco societies (0.3%).
Ksh241 billion were estimated to be in custody of This is an indication that there are UFAs withhold-
holders. The Authority targeted to receive Ksh100 ers which the Authority should strive to receive.
billion in the Plan period through enhanced educa-
tion and awareness creation among holders and In the medium term, the Authority will establish the
also through strategic engagements with regulatory status of UFAs by undertaking a survey in the first
bodies. As of December 2022, the Authority had year of the Plan, then develop strategies to enhance
received assets worth Ksh55 billion (Ksh27 billion receipts. Such strategies will include targeted audits
in cash and Ksh28 billion in shares). This translates and implementation of feasible recommendations,
26 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Unclaimed Financial determining other classes of assets as guided under section 18 of

Assets’ Receipt the Act, strengthening holders’ engagement frameworks (including
learning workshops involving various stakeholders to pick on areas
of improvement), and enforcing compliance in reporting and surren-
der.

Efforts will also be made towards enhancing compliance through

Ksh241B use of Voluntary Disclosure Agreements where the holder gets an
amnesty on fines and penalties. The Authority will partner with other
According to the survey, financial
assets worth Ksh241 billion were UFA regimes (such as NAUPA) to leverage on their platforms for
estimated.
enhanced and standardized compliance and reunification process.

The Authority will finalize reconciliation of shares in collaboration

Ksh55.6B with key stakeholders and will initiate review of the existing legal
As of December 2022, the Authority
and policy framework to encourage holders to sell residue shares
had received assets worth Ksh55.6
billion (Ksh27.28 billion in cash and prior to reporting to the Authority.
Ksh28.32 billion in shares).
The existing legal and policy framework addresses only the most
common types of unclaimed financial assets. This leaves out, and
Received assets
does not extend, to all financial asset classes and new financial in-
struments including balances in mobile money and banking innova-
tions where Kenya is a world leader as well as in the emerging area
Banks
of crypto-currencies. Other holders so far not included are lawyers
(in respect of unclaimed balances in client accounts held by law
16.9% firms) and trust accounts.
Listed
companies The current unclaimed financial assets framework is unclear about
compliance by institutions and entities in the public sector that hold
9.3% significant financial assets. These include the Public Trustee, Kenya
Telecoms Deposit Insurance Corporation, and other government departments.
The regime does not explicitly differentiate public and private insti-
tutions as holders of different categories of UFAs. The Authority
5.3% has performed dismally in receiving assets held by court or
Insurance
companies Government departments. As such, it will be initiating engagements
with Ministries, Departments and Agencies (MDAs). The Authority
will partner with key public institutions such as the National
Treasury; Public Sector Accounting Standards Board; Ministry of
Other
sources Information, Communication and the Digital Economy; and ICPAK,
among others, to strengthen reporting of UFAs in financial
statements.
Saccos The law, as currently designed, envisages penalties and fines for
non-compliance against all holding institution be they private or pub-
lic. The penalty system, as it applies to public entities is impractical.
0.1% The legal framework shall be reviewed from time to time to include
Pension
funds
other categories of holding institutions and clearer, and more pre-
cise, definitions to extend the applicability of the Act to newly iden-
tified and emerging holding institutions to all financial asset classes
and new financial instruments.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 27

Other strategies to actualize this KRA are summarized below.

3.2.1 KRA 1 – Unclaimed Financial Assets Receipt

KRA Strategic Objective Strategy

Unclaimed Finan- To enhance holders’ compli- Strengthen stakeholder engagement
Unclaimed
cial Asset Receipt To enhance
ance holders’and sur-
in declaration Strengthen stakeholder engagement.
Financial Asset compliance in declaration
render of unclaimed financial
Receipt and surrender of unclaimed
assets Identification of unclaimed
unclaimed financial assets
assets.
financial assets.
Strengthen reporting
Strengthen reporting Mechanism
Mechanism of
of UFAs
UFAs.

Deploy holders’ enforcement mechanism.

3.2.2 KRA 2 – Trust Fund and Other Financial Resource Management

The Authority is mandated under section 48 of social and productive sectors. This creates a
the UFA Act to determine investments in line better environment for the Authority to deliver its
with the Trustee Act and as approved by the CS, mandate. In the fourth MTP period, the Authority
National Treasury. The accrued Trust Fund has considered the need to design and implement
Income can be used to fund economic activities a social bond (with the approval of the CS, the
including UFAA operations. The Authority has National Treasury) to fund programmes that
been investing in Treasury Bills in line with the benefit the public. This calls for fast tracking of the
current Investment Policy Statement (IPS). From development of the national policy on UFAs as well
these investments, a total of Ksh7 billion has as review of the current legal framework to guide
been accrued against a target of Ksh6.7 billion. on utilization of un-reunified unclaimed financial
assets. Towards this, the Authority will further
One of the focus areas of the Government is on review and implement the IPS. Other strategies to
financial inclusion as well as support to Kenya’s actualize this KRA are as summarized below.

3.2.2 KRA 2 – Trust Fund and Other Financial Resources Management

KRA Strategic Objective Strategy

Trust Fund and other To
Tostrengthen
strengthen Implement strategic investments
Trust Fund and other Implement strategic investments.
Financial Resources accountability
Financial Resources accountability Support
Support sustainable
sustainable development
development.
Management and sustainability
Management and sustainability
in safeguarding Management
Management ofof cash
cash and
and non-cash
non-cash assets
assets.
in safeguarding
UFAs and financial
UFAs and financial Prudent
Prudent
budget
Budget
and
and
expenditure
Expenditure
management.
Management
resources
resources. Enhance
Enhance transparency andand
Transparency accountability in financial
Accountability in Financial
reporting.
Reporting
Effective financial
Effective planning
Financial andand
Planning resource mobilization.
Resource
Implement and maintain effective payment management
Mobilisation
systems and processes.
Implement and maintain Effective Payment
Management
Management of Systems
procurement
and process.
Processes
Onboard fund management services.
Onboard fund management services
28 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

3.2.3 KRA 3 – Unclaimed Financial Assets Reunification

The most significant function of UFAA has not reg- the republic, hence making its services inaccessi-
istered much success with a reunification level re- ble within the tenet of Article 6 (3) of the Constitution
maining at very low levels. The rate of reunification in so far as its services are not accessible at the
(of all cash and non-cash assets) is still less than grass-root level especially regarding compliance
5%. It was recorded at 2.7% in 2021 and 3.7% at and reunification outreach.
the end of the Plan period (2023) – for all assets and
at 5.7% for cash assets. Existing evidence shows The percentage of assets with low values has posed
that it is easier to reunify cash assets. In the medi- a challenge to the UFAA due to the high cost of ad-
um term, the Authority will explore the option of con- ministering these assets vis-a-vis their value. UFAA
verting non-cash unclaimed assets to cash equiva- shall, from time to time, determine the manner of
lent (especially shares and safe deposit contents). dealing with assets of insignificant value and shall,
In the fourth MTP period, the Financial Services in that regard, among other things, make use of ap-
Sector targets a reunification rate of 20% annually. propriate ICT to enable the reunification of these
assets with the rightful owners at the most cost-ef-
Some of the reasons for the paltry reunification is fective way possible.
very low awareness levels among potential claim-
ants, hence need to intensify public campaigns on The Authority will continue to automate its services
UFAA’s mandate and review of UFA Act and 2016 for efficiency and effectiveness. As guided in the
Regulations. This is to allow differentiated modes Act, the Authority will consider the appointment or
of settling different claims values, use of different licensing of custodians, fund managers and agents
reunification channels to reach a wide scope of to assist in the re-unification of the assets with the
claimants in various parts of the country, establish owners. This will, however, be informed by a com-
various partnerships with various stakeholders to prehensive risk analysis.
deepen reunification and capacitate holders of
UFAs so as to file complete and accurate reports Further, with increasing public awareness on their
on UFAs forease of reunification. rights and with high expectations on reunification
from government and the public, the Authority will
Article 6(3) of the Constitution of Kenya requires deepen education and awareness/outreach pro-
every national State organ to ensure reasonable grammes to sensitize both holders and claimants
access to its services in all parts of the Republic, so on their respective obligations with respect to sur-
far as it is appropriate to do so having regard to the render of unclaimed assets and reunification. Other
nature of the service. Currently, UFAA’s only office strategies to actualize this KRA are as summarized
is in Nairobi with no outposts or agents elsewhere in below.

3.2.3 KRA 3 – Unclaimed Financial Assets Reunification

KRA Strategic Objective Strategy

Financial Assets
Financial Assets Increase the
Increase the re-unification rate of Strengthen claimants’ engagement
Re-unification UFAs with the rightful Strengthen
owners claimants’ engagement framework.
framework
Reunification reunification rate of
UFAswith the rightful Strengthen
Strengthen unclaimedunclaimed assets database
assets database analytics.
owners. Analytics
Strengthen supportive reunification legal and policy
Strengthen supportive re-unification legal
framework.
and policy framework
Enhance automation and decentralization of service
delivery.Enhance automation and decentralisation of
service delivery
Engage reunification agents.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028) | 29

3.2.4 KRA 4 - Institutional Development

The Authority recognizes the need to ensure communication function for improved institutional
continued growth and enhanced capacity of visibility, including employing different modes
its human capital in line with its workload and of information dissemination such as use of
emerging trends. In this regard, UFAA optimal agents, social and mainstream media, churches,
staffing levels will be established. Programmes to among others. The Authority will also identify and
accentuate staff motivation will be implemented engage champions, including opinion leaders, for
in addition to provision of work environment that wider reach.
is safe and conducive.
ICT infrastructure will be harnessed and Having been in existence for the last decade,
deployed to augment efficacy in back-office the Authority has amassed immense knowledge
operations to support UFAA processes and both tacit and explicit worth documenting and
other procedures. The Authority will also replicating. The Authority will also put in place
integrate staff performance and productivity in mechanisms to enhance evidence-based
all its operations and inculcate good governance decision making and action. Strategies to
tenets to enhance efficiency and effectiveness actualize this KRA are as summarized below.
in service delivery. It will also strengthen the

3.2.4 KRA 4 - Institutional Development

KRA Strategic Objective Strategy

Institutional development Strengthen UFAA Improve brand visibility and awareness
Institutional Development institutional
Strengthen capacity
UFAA Improve brand visibility and awareness.
institutional Human Resource development
capacity. Human Resource development.
Performance management
Performance management.
Strengthen corporate planning
Strengthen corporate planning.
Maintenance of standards
Maintenance of standards.
Risk management
Risk management.
Improve corporate governance
Improve corporate governance.
Automation of services
Automation of services.
Work environment enhancement
Work environment enhancement.
Corporate culture management
Corporate culture management.
Promote research and knowledge
management
Promote research and knowledge
management.

Acquisition of own office premises.

30 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

3.3 Strategy Map

Vision

A Trusted Institution in the Management of Unclaimed Assets

Mission
To Receive, Safeguard and Reunite Unclaimed Financial
Assets for Socio-economic Prosperity

KRAs

Unclaimed Financial Trust Fund and other Unclaimed Financial Institutional

Assets Receipt Financial Resources Assets Reunification Development
Management

Strategic Results

Enhanced holders’ Strengthened accountability Increased re- Strengthened

compliance in declaration and sustainability in unification rate of UFAA to deliver
and surrender of unclaimed safeguarding UFAs and UFAs with rightful on its mandate
financial assets financial resources owners

MEASURES TARGETS INITIATIVES

Value of assets (Ksh billion) 206.4 Fund Investment

Absorption Rate (%) 100 Prudent Management

Audit Opinion/Level Unqualified Prudent Management
Customer Satisfaction (%) X+5
Brand Awareness Index X+5 Up scaled Awareness Creation

ROI (Ksh billion) 21 Investment in line with the IPS

Annual reunification rate 20
Aggressive Stakeholders’ Engagement
Turn Around Time (days) 7

Improved PC Index 3.0000 Corporate Work Planning

Customer Satisfaction Index (%) X+10 Aggressive Stakeholders’ Engagement
Employee Satisfaction Index (%) X+10 HR Planning and Capacity Building
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 31

3.3 Strategy Map

FINANCIAL

Strengthened Increased Expenditure

Accountability and Holders’ UFAs Management
Sustainability Remittance

CUSTOMER

Improve Brand Improve Provision

Visibility Stakeholders' of Accurate
Satisfaction Information

INTERNAL PROCESSES

Strengthen Enhanced Increased Increased

Enforcement Stakeholder Reunification Automation
Engagement Rate

ORGANISATIONAL CAPACITY

Knowledge Optimize Staff Automate Strengthen Good

Services Performance Governance
Management Capacity
Management

Stakeholder Focus. Partnerships and Collaboration. Transparency and Accountability. Innovativeness. Professionalism
32 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

CHAPTER

4
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 33

IMPLEMENTATION AND COORDINATION

FRAMEWORK

4.0 Overview in the four (4) Key Result Areas will depend on
a wide range of skills and competencies. For
This chapter provides information on the various improved service delivery, the Authority will
types of resources required to implement this Stra- conduct a Training Needs Assessment (TNA)
tegic Plan. It includes UFAA’s human resource ca- on an annual basis and prepare and implement
pacity and needs, financial resource requirement, training interventions targeting all staff mem-
strategies for resource mobilization, the proposed bers. Efforts will be made to ensure equitable
organization structure as well as performance and representation by diverse groups in recruitment,
risk management strategies. training, and promotion.

4. The Authority will endeavor to provide a clear

career progression for all staff and will ensure
4.1 Proposed Structure of UFAA that whenever there are opportunities, internal
staff are granted an opportunity by rewarding
The Authority is anticipated to have a staff estab- excellence in service delivery.
lishment of one hundred and six (106) distributed
under six (6) Directorates to be created. The three 5. To strengthen performance management,
(3) Directorates will handle the core mandate func- UFAA will implement Staff Performance
tions and they include Claims and Stakeholder Re- Appraisal System (SPAS) for all staff through
lations; Holders Compliance, Research and Strate- the Balanced Score Card for staff. It will also
gy; and Fund & Finance Management. The rest of endeavor to implement rewards and sanction
the shared services will have three (3) distinct policy, on continual basis.
Directorates distributed as follows: Corporate
6. To ensure teamwork and diligence, the Authori-
Services; Board Secretarial and Legal Services; ty will hold team-building forums for staff and the
and Internal Audit and Risk Assurance. Board and induct new staff and Board mem-
bers on the roles of the Authority.

4.2.1 Staff Development Measures 7. On work environment, the Authority will under-
take risk assessments and sensitize staff on
1. In the Plan period, UFAA will undertake a skills issues of safety from time to time. Interventions
gap analysis with a view to informing the review will include stress management activities, and
of the current organizational structure, finaliza- initiatives to keep employees safe and healthy
tion of a career progression guidelines and Hu- at work. It will procure adequate working tools
man Resource plans to ensure optimal staffing for staff as well as undertake oversight surveys
levels for effectiveness. (employee, work environment, and customer) to
gauge satisfaction levels.
2. Establish mechanisms to attract and retain
competent staff. The Authority will continually 8. The Authority will provide a clear Business
improve the terms of service for all staff com-
Continuity Plan (BCP) through coaching and
mensurate to their skills and competencies.
mentorship of staff at all levels. This is aimed at
3. The realization of key success as enshrined transferring and retaining knowledge, skills, and
institutional memory of the Authority.
 Approved Organizational Structure for the Unclaimed Financial Assets Authority

Board of Directors
Audit & Risk
Committee
Chief Executive
Officer/Manging
Trustee

Claims & Holders Human

Compliance, Fund & Finance
Stakeholders Resource and
Research & Management
relations Administration
and Strategy Directorate
Directorate Directorate Legal services
Directorate
Division

Holders Fund Human Resource

Claims Division Compliance Supply Chain Internal
Management Management
Division Management Audit & Risk
Division Division
Division Management
Division
Research Policy Finance &
Stakeholders & Strategy Accounting Corporate
Administration
Relations Division Division Communication
Section
Division Division

Database
Management/ ICT Division
MIS
34 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)
UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 35
36 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

4.3 Financial Resources

Financial Resources Requirements (by Key Result Areas per Financial Year and total for plan period) are
presented in Table 4-2.

Table 4:2 Resource Requirements

Key Result Area Resource Requirements

Baseline (KshMn)
(2022/23) (KES.
(KES.
Y3 Y4 Y5 Total
Mn) Mn)

Assets Receipts - Y1 134.5 Y2131.5 Y3

101.5 Y4
100.5 Y5
100.5 Total
568.5
Assets Receipt - 134.5 131.5 101.5 100.5 100.5 568.5
- 14.8 66.3 40 29 30 180.1
Assets Management - 14.8 66.3 40.0 45.0 50.0 216.1
Assets Re-unification - 111 99.5 102.5 104.5 107.5 525
Assets Reunification - 111 99.5 102.5 104.5 107.5 525.0
Institutional Development - 175.9 242.5 204.5 205.1 225.6 1,053.6
Institutional Development - 175.9 1,242.5 1,704.5 205.1 225.6 3,553.6
Board Expenses 22.1 24.3 26.8 29.4 32.4 35.6 148.5
Board Expenses 22.1 24.3 28.8 29.4 32.4 35.6 150.5
Personnel Emoluments
Personnel Emoluments 202.8 202.8
235.5 235.5
309.1259.1324.3
264.3 277.5
327.5 291.4
329.4 1,327.8
1,525.8
Utilities
Utilities 34.5 34.5 35 3545.5 35.5 46 36 39.6
49.6 43.6
53.6 189.7
229.7
Insurance 21.5 21.522.5 22.532.5 22.5 42.5
22.5 24.8
44.8 27.2
47.2 119.5
189.5
Other
Other Expenses
Expenses 510.9 510.9 30 30 50 50 150150 150
150 150
150 530.0
530
Total
Total 791.8 791.8
783.5 783.5
2,005.7933.7
2,541.7
950.71,059.4 1,099.4
963.4 1,011.4 7,488.7
4,642.7

The implementation of the Plan targets will require of allocated funds, putting in place mechanisms to
Ksh7.48 billion. This will call for a dynamic check expenditure and also ensuring the proper
resource mobilization strategy including accruals maintenance of UFAA facilities, equipment and
from investments as well as prudent management vehicles.
of resources.
4.4 Risk Analysis and Mitigation Measures
4.3.1 Resource Management
Table 4:3 presents summary mapping of anticipat-
The UFAA will put in place measures to optimize ed risk events, their categorization and mitigation
use of available resources and reduce wastage. measures.
These will include Improved efficiency in the use
Table 4-3: Risk Mapping

Risk Category Risk and Likelihood Impact Risk Mitigation Risk Owner
Description Level Measure

Reputational Changing Low High High Continuous Respective

priorities and review of the Heads of
management in MoUs Directorate/
organizations with
active MoUs with Division
the Authority
Inaccurate/ High Low Medium Develop a Head,
false reporting mechanism for Claims and
by anonymous weeding out fake Stakeholder
reporters news Relations
Negative Low High High Shape Head,
perception of the perceptions; Communications
Authority (given provision of timely
that it holds public information; daily
assets) media monitoring
Consultant Conflict of interest Medium High High Close supervision Head,
Risks in reporting UFAs by UFAA staff Claims,
(for external Stakeholder
audits); Validation Relations,
of UFAs survey Compliance and
report Enforcement,
Research, Policy
and Strategy
Economic and Fraudulent claims Low High High Strengthen Head,
Financial the verification Claims and
processes Stakeholder
Relations
Reduced rate Low High High Develop/review
of return from and implement
investments an IPS

Operational Inadequate staff Low High High Implement Head,

capacity coupled strategies to HR and Admin
with Staff turnover attract and retain Division
qualified and
competent staff.
Implement the
rewards and
sanctions policy
Low levels of Medium High High Strengthen Head
compliance and collaboration Claims and
reunification mechanisms with Stakeholder
key stakeholders Relations
(holders,
claimants, MDAs
etc)
38 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

Risk Category Risk and Likelihood Impact Risk Mitigation Risk Owner
Description Level Measure

Legal Delayed review Low Medium Medium Initiate the review Head, Legal and
of the legal of the existing Board Services
framework legal and policy
framework.
Prepare
proposals and
submit
Litigations arising High Medium High Sensitizations
from interpretation and capacity
of the Act and building
regulations

Technological Data loss Low High High Maintenance of Head, ICT

(information disaster recovery Division
security) site as well as
development
and updating
of the Business
Continuity Plan
UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 39
40 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

CHAPTER

5
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 41

MONITORING, EVALUATION AND

REPORTING

5.0 Overview 5.3 End-term Review

Monitoring, Evaluation and Reporting of this Plan End-term review will be conducted at the end of the
will involve a systematic and continuous process of Strategic Plan period. The process will be spear-
collecting and analyzing information based on the headed by a technical team appointed by the CEO.
indicators, targets and provision of feedback. Two UFAA will provide secretariat services to the tech-
types of indicators will be tracked and used to mea- nical team during the review. The achievements,
sure performance. These include output and out- challenges, lessons learnt, emerging issues and
come indicators. The results of M&E will be used to recommendation will inform the next cycle of the
make corrective actions, improve implementation of strategic planning.
activities and also inform plans.

5.4 Ad hoc Review

5.1 Monitoring the Implementation of
Strategic Plan The CEO may recommend an ad hoc review of the
Strategic Plan to be conducted in case of significant
Monitoring will involve collecting and analyzing and unexplained variance between the planned and
information relating to the various indicators and achieved performance targets. Such variances will
using the information to inform day-to-day opera- be identified through the regular quarterly and an-
tions. The Strategy Department will monitor the im- nual reports.
plementation of the Strategic Plan through regular
meetings with HoD and reports. The Department
will coordinate the implementation and monitoring 5.5 Reporting
of this Strategic Plan.
All Departments will be involved in monitoring and
reporting on the progress of achievement of results
5.2 Mid-term Review and objectives based on the key indicators agreed
upon and aligned to the overall indicators identified
The UFAA will conduct a mid-term review of this in this Strategic Plan. This will be achieved by en-
Strategic Plan to examine the progress towards suring collection and provision of timely and accu-
achieving the set targets. The review will be con- rate data during the Plan period. The Departments
ducted by a technical team appointed by the CEO. will be expected to generate reports on quarterly,
This will be undertaken in the third year of its im- bi-annual and annual basis which will be submitted
plementation. The recommendations of mid-term to the Planning and Strategy Department. The Plan-
review will help in making improvements to the Stra- ning and Strategy Department will prepare and is-
tegic Plan implementation process. sue templates for data collection. The submitted re-
ports will be analyzed, compiled and disseminated.
The monitoring and evaluation reports generated
42 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

will be shared with the management and the Board System to ensure early remedial actions.
through the reporting structure for decision-making A key hinge will be the strengthening of the
and learning. Strategy Department.
4. Culture: The Authority will maintain and im-
prove a performance-oriented culture at all
5.6 Linkage between Strategic Plan and levels during the implementation of this plan.
Staff Balanced Score Card The performance culture will be aligned with
the Authority’s performance management
The implementation matrix of this Strategic Plan will framework. This framework will provide peri-
be integrated with the Performance Management odic review of the Key Performance Indicators
System to enhance realization of set targets. This (KPIs) for continuous improvement.
linkage is also expected to ensure commitment of
all staff to the attainment of the objectives of the 5. Communication: The Authority’s strategies
Strategic Plan by cascading the targets to individual will be cascaded down to the various levels
level in the Staff Balanced Score Card. of the organization. To enable buy-in and sup-
port, the Strategic Plan will be communicated
to all employees in the most effective manner.
5.7 Critical Success Factors 6. Performance-Based Budget: The Authority
will ensure that the Strategic Plan initiatives
1. Leadership and Governance: The Board are adequately budgeted for.
and Management will provide direction and
7. Governance: External audits will be con-
guidance towards strategy execution.
ducted by the Office of the Auditor-General
2. People, Systems and Policies: The Authori- to establish compliance with Government’s
ty will ensure that the right people, both in skill operations and financial regulations. These
and competence, are engaged. Support sys- audits will also facilitate value for money as
tems and policies will also be put in place. well as strengthen the financial management
3. Monitoring and Evaluation: The Authori- arrangements to make it a compliant Authori-
ty will strengthen the Monitoring Information ty.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 43

ANNEX I: IMPLEMENTATION MATRIX

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
Unclaimed To enhance Strengthen Review and MOUs Proportion of
MoUs reviewed 100 100 6
Financial holders’ stakeholders’ implement developed/
Asset compliance engagement MOUs with reviewed and Respective
Proportion of
Directorate/
Receipt in various implemented strategic Division
declaration institutions identified and 1001 100 15
and and bodies MoUs signed
surrender of Establish Partnerships No. of new
unclaimed partnership established partnerships 32 3 15
financial and and established
assets collaboration strengthened No. of existing
with the key
partnerships
public reviewed and 63 6 3 Compliance
institutions strengthened and
Enforcement
MoUs
implementation
Annual 5 1 1 1 1 1
monitoring
reports
Prepare and Complying Annual
publish institutions Publication Communication
complying published s/Compliance
institutions 5 1 1 1 1 1 2 2 2 2 2 and
by 31st Enforcement
January
every year

Develop and Holder’s award Annual Award

implement scheme Forums Compliance
holder’s developed and 5 1 1 1 1 1 3 3 3 3 3 and
award implemented Enforcement
scheme
Identification of Conduct a Survey Survey Report Research,
unclaimed survey on undertaken4 1 1 20 Policy and
Strategy
financial assets unclaimed
Value of assets
financial (cash) identified
assets and collected 60.6 32 37.4 43.8 51.4 60.6 1 1
(KES. Billion). Compliance
and
Units of Shares Enforcement
collected (No. in 2,127 1,351 1,518 1,702 1,904 2,127
Millions)
Value of assets
(None-cash) 100 31.5 39.9 56.6 89.9 100
identified and
collected (Kshs.
Billion).
Conduct Holders’ Proportion of
holders’ compliance identified non-
audits on audits compliant
compliance conducted and holders audited
and recommendati 100 100 100 100 100 100 90 90 90 90 90
implement ons
feasible implemented
recommenda
tions
Compliance
Undertake Targeted No. of forums and
targeted holders’ Enforcement
holders’ education
education forums
forums undertaken 40 8 8 8 8 8 4 4 4 4 4
across
various
sectors
Activate Anonymous Anonymous
whistleblowi reporting reporting
ng mechanism mechanism 1 1 1 1 1 1 1
mechanism operationalize
on holders d

1
Some of these include: NSE, Central Depository and Settlement Corporation (CDSC), Kenya Association of Stock Brokers (KASB)
2
PSASB, CA and Judiciary
3
OAG, SASRA, RBA, IRA, Huduma and NGAO
4
The survey will conduct holders’ analysis categorized in MTEF sectors - Agriculture Rural & Urban Dvt; Energy, Infrastructure & ICT; General Economic & Commercial affairs; Health; Education;
Governance, Justice, Law & Order; Public Admin. & International Relations; National Security; Social Protection Culture & Recreation
 44 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
Advise CS Reports on the No. of reports
Treasury on newly
newly identified UFAs Legal and
identified not listed in Board
Services/
unclaimed prepared 55 1 1 1 1 1 Compliance
assets not and
listed in the Enforcement
Act (section
18).
Strengthen Reengineerin Processes Proportion of
reporting g of the identified and processes
Mechanism on holders’ reengineered 100 100 100 100 100 100 1 1 1 1 1
UFAs reporting
process Compliance
and
Develop and Feedback Feedback Enforcement
implement mechanism mechanism put 1 1 1 1 1 1 0.5 0.5 0.5 0.5 0.5
feedback developed and in place
mechanism implemented Proportion of
to improve feedback 100 100 100 100 100 100
the reporting received and
process acted upon
Evaluate the Evaluation Evaluation
effect of conducted and report
Finance Act recommendati
2022 ons 1 1 2
Moratorium implemented
on receipts
of UFAs
Develop an Holders’ Holders’
enforcement Enforcement Enforcement 1 1 2
policy that policy & Policy
integrates mechanism Holders’
Compliance
ADR in developed and Enforcement and
4 1 1 1 1 4
dispute implemented Action Plan Enforcement/
resolution instituted Legal and
Board
Proportion of Services
holders’
enforcement 100 100 100 100 100 100
disputes
resolved
Trust Fund To Implement Review IPS IPS reviewed Revised IPS
document 2 1 1
and strengthen strategic
Financial accountabilit investments Invest funds Investment ROI (KES. Billion)
Resources y and in line with Income 15.766 2.24 2.62 3.07 3.60 4.24
Manageme sustainability the IPS
nt in Onboard Advisories on No. of
safeguarding fund fund investment
10 2 2 2 2 2 2 2 2 2 2
UFAs and management management advisories Fund and
financial services issued Finance
Management
resources Conduct Research on No. of research
research on investment reports 10 2 2 2 2 2 0.5 0.5 0.5 0.5 0.5
investments conducted
Support Engage NT Social Bonds Social bond
sustainable with a view designed and
development of investing implemented 1 1 0.3 0.3
in social
bonds
Management of Reconciliation Non-cash No. of reports
cash and non- n of non- assets 20 4 4 4 4 4
cash assets cash assets reconciled Compliance
Onboarding Share accounts Proportion of and
of shares in UFAA share accounts Enforcement
100 100 100 100 100 40 10 5 5
custody in UFAA CDA
account

5
Classes of identified assets (Bonga points, Deposits for distribution of goods/services, Betting proceeds, Airtime balances)

6
Based on an average return rate of 8%
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 45

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5

Onboarding Safe deposit Proportion of

of safe boxes deposit boxes on
100 100 100 100 100 10 10 10 10
deposit onboarded boarded
boxes
Develop a Mechanism Mechanisms
Compliance
mechanism developed and
of managing 1 1 Enforcement
on boarded
shares
Auction of Financial Proportion of
financial contents boxes
contents in auctioned 100 100 5
safe deposit
boxes
Prudent Budget Capacity Budget No. of training
& Expenditure build the implementatio forums
2 1 1 1 1
Management budget n committee
implementati capacity built
on Staff trained Proportion of
committee staff trained
and staff on
100 100 3
budget
implementati
on
Transparency Prepare Annual report Annual report
and annual and financial and Financial
Accountability in reports and statement of Statement 5 1 1 1 1 1 0.5 0.5 0.5 0.5 0.5
Financial financial the Authority
Reporting statements prepared
of the Trust Financial Annual Financial Fund and
Finance
fund and the statement of statement 5 1 1 1 1 1 0.5 0.5 0.5 0.5 0.5 Management
Authority the Trust fund
Trust fund Annual Gazette
audited statement
5 1 1 1 1 1 1 1 1 1 1
accounts
gazette
Audit opinion Unqualified audit
maintained opinion Reports 5 1 1 1 1 1 4 4 4 4 4
(unqualified)
Reporting Updated
Software software 1 1 1 1 1 1 1 1 1 1 1
maintained
UFAA Training Forum
Management
3 1 1 1 2 2 2
and reporting
team trained
Effective Prepare MTEF budget MTEF budget
Financial MTEF budget prepared
Planning and for the 5 1 1 1 1 1
Resource Authority
Mobilization Fund and
Finance
Implement and Payment Payment Payment system Management
maintain system system
Effective implemented implemented
Payment and 1 1 1 0.5 0.5 0.5 0.5
Management maintained
Systems&
Processes
Management of Prepare Procurement Annual
procurement procurement Plan prepared Procurement 5 1 1 1 1 1 2 2 3 3 3
process plans and Plan
reports Quarterly No. of reports
reports
20 4 4 4 4 4
prepared

Train staff on Staff Trained Proportion of

PPDA 2015, staff trained
activity-
based 100 100 100 100 100 100 5.4 6.9 7.2 7.8 9.2
Procurement
planning & Division
Regulations
2020
Undertake Market Report
Market Surveys 16 4 4 4 4 0.2 0.3 0.3 0.3
Surveys undertaken
Undertake Supplier No. of supplier
supplier sensitization sensitizations 3 1 1 1 1.5 2 2
sensitization undertaken
Registration Suppliers’ Updated list of
of suppliers registration Registered 3 1 1 1 0.5 1.2 1.3
undertaken Suppliers
46 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5

Review Procurement Procurement

Procurement Manual Manual 2 1 1 2 2
Manual reviewed
Undertake Stock Takes No. of Stock
Procurement
Quarterly Undertaken takes 4 1 1 1 1 0.05 0.05 0.10 0.10 Division
Stock Takes
Implement Framework No. of FA’s
Framework Agreements Implemented
Agreements implemented 4 4 0.4
(FA) for
recurring
Procurement
s
Undertaken Post- Proportion of
Post qualification due diligences
Qualification undertaken undertaken (%) 100 100 100 100 100 0.4 0.4 0.5 0.6
s for Open
tenders
Procurement
Publish & Contracts, Proportion of
Division
Publicize tenders & PP contracts
procurement published and /Tenders and PP
plan (PP), publicized on Published and
100 100 100 100 100 100
tenders, & UFAA website publicized (%)
contracts on and PPIP
PPIP &
Website
Unclaimed To increase Strengthen Hold Bi-monthly Number of
Financial re-unification claimants reunification reunification reunification
Assets rate of UFAs engagement clinics every clinics held clinics 30 6 6 6 6 6 40 40 40 40 40
Reunificati with rightful two months
framework
on owners
Engage Develop Approved
Reunification Regulations/G Regulations/Gui
Agents uidelines for delines on
1 1
engaging Reunification
reunification Agents
agents
Onboard/Contr No. of
act Reunification
reunification Agents engaged
agents as per 47 8 24 32 47
the approved Claims and
Stakeholder
regulations/gui
Relations
delines
Implement Proportion of
performance performance
contracts with contracts with
100 100 100 100 100
onboarded onboarded
reunification reunification
agents agents (%)
Increase re- Re-unification Annual increase
unification rate increased in re-unification 20 5 8 12 17 20
rate rate
Develop and Asset owners Framework 1 1 1.5
implement Tracing Number of asset
tracing framework owners traced
mechanisms developed and (‘000’) 100 20 20 20 20 20 0.5 0.5 0.5 0.5 0.5
for owners of implemented.
assets
Hold Annual round- No. of meetings
roundtable table meetings held
meetings held
30 6 6 6 6 6 2 2 2 2 2
with key
stakeholders
7 Claims,
Stakeholder
Conduct Promotion No. of Quarterly
Relations and
promotion events events 208 4 4 4 4 4 40 42 44 46 48 Communications
events conducted
Verification Documents Proportion of
of claim verified documents
document’s verified 100 100 100 100 100 100 10 10 11 11 12
with third
parties
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 47

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
Strengthen Capacity Staff capacity Number of staff
unclaimed assets build staff on built on data trained
data Analytics unclaimed analytics
assets data 10 10 1
analytics

Mainstream Data analytics No. of reports HR and Admin

data reports
analytics in prepared
unclaimed
assets 20 4 4 4 4 4
reunification
initiatives
and decision-
making
Strengthen Initiate UFA Act Proposals
supportive re- review of amendment
unification legal UFA Act proposals
1 1 2
developed and
and policy
submitted to
framework NT Legal and
Board
Initiate UFAA Proposals Services
review of the regulations’
UFA review
regulations proposals 1 1 2
developed and
submitted to
NT
Develop and Strategy Strategy
implement a developed and
strategy for implemented
engagement 1 1 3
of re-
unification
agents
Finalize the National UFAs National UFAs
National policy finalized policy 1 1 4
UFAs policy
Review of Claims Turnaround time Claims/Stakehold
claims processing and (in days) er
processing payment 7 25 20 15 10 7 Relations/Compli
and payment timelines ance and
Enforcement
timelines reviewed
Enhance Review MoU MOU with MoU
automation and with Huduma Huduma Legal
1 1
decentralization Kenya reviewed and
Secretariat implemented
service delivery
Develop and Regional Strategy
implement decentralized
regional reunification
Claims and
decentralize strategy 1 1 Stakeholder
d developed Relations
reunification
strategy
Review and Claims Percentage of
robotize processing tasks identified
redundant tasks identified and robotized
100 20 40 60 80 100 5 5 5 5 5 ICT
processes in and robotized
claims
processing
Integration Integrated Level of
Claims/
of claims payment integration Stakeholder
processing system in place Relations/Comp
100 50 100 liance and
systems with
Enforcement
payment
channels
Review Reports on No. of reports
customer initiatives
20 4 4 4 4 4
experience reviewed and
initiatives implemented
Review CRM CRM Module
functionality functionality 1 1 1 1 1 1 Communications
of CRM reviewed
module and Staff trained Proportion of
capacity on CRM staff 100 100 100 100 100 100
build staff

7
Such as Judiciary, IPRS, Immigration, State Department for Lands, BRS and Huduma Kenya
8
Roadshows, markets storms and clinics
48 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
Institution To Improve brand Undertake KAPs survey Survey Report
al strengthen visibility and KAPs survey undertaken
developme UFAA awareness and and feasible
nt institutional implement recommendati 1 1 4
capacity feasible ons
recommenda implemented
tions
Review and Policies No. of policies
implement reviewed
communicati
on, CSR,
education
and
awareness, 4 4 2
partnership,
and
customer
service
policies
Review and Strategies No. of strategies
implement reviewed
communicati
Communications
on, CSR,
education
and
awareness, 4 4 2
partnership,
and
customer
service
strategies
Hold Strategic No. of forums
strategic forums with
forums with key 10 2 2 2 2 2 2 2.5 3 3.5 4
key stakeholders
stakeholders held
Review Customer Customer
customer journey maps journey maps
1 1 3
journey reviewed
maps
Prepare and Advertisement No. of advert
issue s and placements
advertiseme advertorials 10 2 2 2 2 2 32 35 38 40 42
nts and prepared and
advertorials issued
Develop and IEC materials No. of categories
distribute IEC developed and of IEC materials 49 4 4 4 4 4 20 22 24 26 28
materials distributed
Implement CSR No, of CSR
CSR programmes programmes 5 1 1 1 1 1 10 11 12 13 14
programmes implemented
HR development Implement Staff No. of officers
the approved establishment recruited
staff implemented 28 14 14 0.5 0.5
establishmen
t
Sensitize Staff sensitized Proportion of
staff on HR staff 10010 100 100 100 100 100
instruments
Undertake a Skills gap Report
skills gap analysis 1 1 3
analysis undertaken
Undertake TNAs No. of reports
TNA and undertaken
implement and HR and Admin
3 1 1 1 1 1 1
feasible recommendati
recommenda ons
tions implemented
Train staff Staff trained Proportion of
staff trained 100 100 100 100 100 100 20 20 20 20 20
Develop the HR plan HR plan
HR plan developed and 1 1 1 1 1 1
updated
Develop and Mentorship Mentorship and
implement a and coaching coaching policy
mentorship policy 1 1 2
and coaching developed and
policy implemented

9
Publications (Flyers, brochures, pamphlets, media kits), infomercials and documentaries, podcast (audio) and promotional items (items, corporate wear)
10
Career progression guidelines, staff establishment, staff grading and revised HR policy manual
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 49

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5

Performance Prepare PC PC targets and No. of reports

management targets and reports 30 6 6 6 6 6
reports
Implement BSC for staff Proportion of
BSC for staff implemented staff on BSC 100 100 100 100 100 100 HR and Amin/
Research,
Staff trained Staff trained Proportion of Policy and
on PC and staff trained 100 100 5 Strategy
BSC
Prepared half Half year No. of reports
year performance 10 2 2 2 2 2
performance
review review reports
reports prepared
Strengthen Preparation Corporate Annual work
corporate of corporate consolidated plans
5 1 1 1 1 1 5 5 5 5 5
planning workplan annual work
plans prepared
Undertake Reviews Review reports
reviews of undertaken
4 1 1 1 1 5 5 5 5
the strategic
plan
End term End term End term review Research,
Policy and
review of the review of the report Strategy
1 1 10
retiring plan retiring plan
and carried out
development 2028 – 2032 Strategic Plan
of the next Strategic plan 1 1 10
strategy prepared
Maintenance of Implement QMS Certificate
Certificat
standards and maintain implemented 1 1 1 1 1 5 5 5 5 5
QMS e
Maintain ISMS ISMS certificate
maintained 1 1 1 1 1 1 3 3 3 3 3 ICT
ISMS
Risk Review risk Risk Risk
management management management management
policy and policy and policy and
2 2 2
framework framework framework
reviewed and
implemented
Automate Risk register Updated Risk
and update automated Register 1 1 1 1 1 1 2 2 2 2 2
Risk register
Undertake Risk Quarterly
risk management reports
management assessments Internal Audit
assessments undertaken and Risk
20 4 4 4 4 4 Assurance
and and
implement recommendati
recommenda ons
tions implemented
Capacity Risk No. of training
build risk champions forums 3 1 1 1 3 4 4
champions capacity built
Undertake External Assessment
external quality report
quality assessment of 1 1 3
assessment internal audit
undertaken
of internal
audit
Improve Undertake Board Report
corporate Board governance
2 1 1 2 2
Governance governance audit
audit undertaken
Undertake Boards No. of Board
board evaluations evaluations 5 1 1 1 1 1 0.4 0.5 0.5 0.6 0.6
evaluations undertaken
Capacity Board Proportion of
build Board members members 5 1 1 1 1 1 20 20 20 20 20
members capacity built Legal and
Undertake Legal audit No. of audit Board
legal audit undertaken reports 2 1 1 3 3 Services

Review Reviewed Proportion of

Operational UFAA internal Operational
Internal policies & Policies
Policies & Citizen Reviewed (%)
100 100 100 100 100 100
Citizens Delivery
Delivery Service Charter
Service
Charter
50 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 - 2028)

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
Initiatives years
Digitalization of Identify and Services Catalogue of
services prioritize identified services
citizen-facing
and back- 1 1 1
office
services to
be digitalized
Develop Digitalization Digitalization
digitalization strategy Strategy 1 1
strategy. developed
Digitalize Services No. of services
100 25 25 25 25 15 15 15 15 ICT and
identified Digitalized digitalized
digitalization
services. committee
On-board Services on- No. of services
citizen-facing boarded on-boarded
services to 100 25 25 25 25 1 1 1 1
the e-citizen
platform.
Integrate UFAMs Maintained ICT
UFAMs with integrated and systems
payment other ICT
1 1 1 1 1 1 10 10 10 10 10
channel and systems
maintain maintained
other ICT
systems
(such ERP,
backup,
storage)
Maintenance Disaster Disaster
of disaster recovery site recovery site 1 1 1 1 1 1 5 6 7 8 9 ICT
recovery site maintained
Conduct VAPT tests Annual tests
VAPT tests conducted 5 1 1 1 1 1 3 3 3 3 3
Work Provision of Staff provided Proportion of
environment working tools with working staff 100 100 100 100 100 100 5 6 7 8 10
enhancement tools
Undertake Satisfaction Survey reports
satisfaction surveys
surveys undertaken
(employee, and feasible
customer recommendati 3 3 3
and work ons
environment implemented
)

Undertake UFAA own UFAA

acquisition of Headquarter Headquarters
Office space: office premise/ Building
1 1,000 1,500
-own HQ space acquired
Office HR and Admin
premises
Corporate Hold staff Staff and No. of sessions
culture and Board Board bonding
10 2 2 2 2 2 3 3 4 4 5
management bonding sessions held
sessions
Undertake Customer Survey reports
customer promoter
promoter score survey
score survey undertaken
and 2 1 1 4 5
implement
feasible
recommenda
tions
Promote Develop and Research Research
research and implement framework framework
1 1 1 1 1 1 7 7 7 7 7
knowledge research developed and
management framework implemented Research,
Policy and
Undertake BCP Review BCP Review Strategy
BCP reviews report report
5 1 1 1 1 1 3 3 3 4 5
and capacity developed
build staff
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 51

KRA Strategic Strategy Key Expected Output Target Target Budget (Mn)
Objective Activities/ Output Indicators for 5 Resp.
Initiatives years Y1 Y2 Y3 Y4 Y5 Y1 Y2 Y3 Y4 Y5
(Risk
management
)
Implement KM KM framework
KM Implemented 5 1 1 1 1 1 7 7 7 8 8
framework
Organize and Pan African Pan African UFAs
hold Pan UFAs Conference
1 1 50
African UFAs Conference
Conference held
52 | UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028)

ANNEX II: MONITORING AND EVALUATION FRAMEWORK

Key Result Outcome Key Performance Target

Areas Indicator
Baseline Mid-Term End of Plan

Unclaimed Enhanced Value of cash assets

27.6 47.8 60.6
Financial holders’ received (KshBillion)
Assets compliance
Receipt in declaration Unit of shares received 1.2 billion 1.702 billion
billion 2.127 billion
and surrender
of unclaimed Value of non-cash assets
financial assets 28 56.6 100
100
received (KshBillion)

Trust Fund Enhanced ROI (KshBillion) - 7.9 15.7

and other investment
Financial income Rate of Return (Average
Resources rate of return on cash - 8 8
Management assets)

Proportion of shares
- 50 80
disposed

Proportion of safe deposit

- 50 80
boxes opened

Amount invested
(KshBillion, through Social - 5 10
Bonds)

Strengthened Audit Opinion/Level Unqualified Unqualified Unqualified

accountability
and Absorption Rate
sustainability in
safeguarding 82.7
100 100
UFAs and (2021/22)
financial
resources

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This will be driven by adequate staffing levels and supportive legal and policy framework.
 UNCLAIMED FINANCIAL ASSETS AUTHORITY STRATEGIC PLAN (2023 – 2028) | 53

Key Result Outcome Key Performance Target

Areas Indicator
Baseline Mid-Term End of Plan
Period Period

Unclaimed Reunification Reunification rate 3.7 13 20

Financial rate increased
Assets Re- Claims processing and
unification payment timeline [for
25 15 7
original owner claims (in
days)]

Claims processing and

payment timeline [for 90 70 50
beneficiary claims (in days)]

Institutional Improved PC Index 3.0763 3.0399 3.0000

Development performance
KAPs Score [(%) –
Understanding of the
1.5 5 15
UFAs Claim Process by
claimants]

Customer Satisfaction
X X+5 X+10
Index (%)

CAJ Rating (%) - 95 100

Board Evaluation Score (%) - 95 100

Employee Satisfaction
X X+5 X+10
Index (%)

Approved organizational
- 100 100
structure implemented (%)

Optimal staffing levels 53.3 100 100

Level of automation X X+10 X+20

Improved Brand Awareness Index (X)

X X+5 X+10
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