NAIROBI, Kenya – The government has launched a technical process to develop Kenya’s first National Policy on Unclaimed Financial Assets, aimed at strengthening the identification, management and reunification of dormant assets with their rightful owners.
The initiative was formally inaugurated on Tuesday by Dr. Chris Kiptoo, Principal Secretary at the National Treasury, who launched a Technical Working Group (TWG) tasked with drafting the policy.
According to the Unclaimed Financial Assets Authority (UFAA), the agency currently holds KSh 57 billion invested in government securities at the Central Bank of Kenya, in addition to other unclaimed assets such as shares held by various institutions, safe deposit boxes and related financial instruments.
Officials said the establishment of the TWG marks the start of a coordinated inter-agency effort to address long-standing challenges in the management of unclaimed assets, including weak reporting, limited public awareness and fragmented institutional oversight.
PS Dr. Chris Kiptoo today inaugurated the Technical Working Group to develop Kenya’s National Policy on Unclaimed Financial Assets at the National Treasury.The Unclaimed Financial Assets Authority @UFAAKenya currently holds KSh 57 billion invested in Government Securities at
Once finalised, the policy is expected to strengthen compliance and transparency, modernise asset reunification through digital solutions, enhance institutional coordination, and close existing legal and regulatory gaps.
The framework is also expected to unlock dormant financial resources for the broader benefit of Kenyans.
The National Treasury said the policy will provide clear guidance to financial institutions and custodians on the handling and reporting of unclaimed assets, while improving the ability of individuals and beneficiaries to trace and reclaim their property.
Kenya established UFAA to receive, safeguard and reunite unclaimed financial assets with owners or their heirs, but officials acknowledge that the volume of dormant assets continues to grow due to gaps in awareness, record-keeping and enforcement.
The Technical Working Group will draw membership from government agencies, regulators and key stakeholders, with consultations expected to inform the final policy proposal.
