UFAA host Central Bank of Uganda on unclaimed assets benchmarking study


UFAA CEO Kellen Kariuki (3rd left) and Central Bank of Uganda FMDC Executive Director Simon Rutega (4th left) in a group photo with members of staff and visiting delegation during a study session held at the Authority’s boardroom on Tuesday.

A three-member delegation from the Central Bank of Uganda (CBU) Financial Markets Development Committee (FMDC) has toured Kenya’s Unclaimed Financial Assets Authority (UFAA) for benchmarking on unclaimed assets.

UFAA CEO Kellen Kariuki hosted the delegation led by FMDC Executive Director Simon Rutega, Brian Akimanzi and Angela Birungi Natukunda on a two-day visit from Tuesday (December 5, 2017).

Kenya’s UFAA is Africa’s pioneer institution that is mandated to obtain unclaimed financial assets from holders of such assets, safeguard and reunite the assets to their rightful owners. UFAA is a member of the National Association of Unclaimed Property Administrators (NAUPA) which is an association leading a coalition of states, administrators and holders working together to reunite rightful owners with their property in the USA, the District of Columbia, Puerto Rico, the U.S. Virgin Islands as well as three Canadian Provinces (Quebec, British Columbia and Alberta).

The Central Bank of Uganda FMDC is carrying out an assessment on unclaimed financial assets in Uganda with a view of establishing a similar agency to that in Kenya. The committee also seek to address strategic, operational, legal and structural issues that are impediments to the development of an efficient and effective financial sector in Uganda as an engine for economic growth.

With only three years of operations, UFAA has established systems and procedures to govern holders reporting and surrender, funds’ investments and reunification of unclaimed financial assets with the rightful owners.

The Unclaimed Financials Assets Act, 2011, which is the anchor legislation in Kenya, provides for perpetual custody and reunification. 

To date the Authority is in custody of 11 Billion in cash. It has also received reports of 317 Million units of shares and 963 units of safe deposits.

Surrendered assets include cash in Kenya shillings and US Dollars. Reported assets comprises of other foreign currencies, shares and repositories. All reported and surrendered assets constitute the Trust Fund. 

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Unclaimed Financial Assets Authority,
Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands, Nairobi.
P.O Box 28235-00200, Nairobi, Kenya.
Phone: 020 4023000, 0706866984, 0736559152
Email: info@ufaa.go.ke

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