The Chairman of Unclaimed Financial Assets Authority of Kenya (UFAA Kenya), has said that the organization is looking into how it can leverage blockchain to secure its database of unclaimed financial assets.
Currently, the Unclaimed Assets Trust Fund is believed to hold over KES 40 billion (approx. $370 million) in form of:
- Bank deposits (local & foreign)
- Shares
- Uncollected salaries
- Pension dues
- Matured policies
- Royalties
UFAA Kenya recently indicated that nearly half a million companies and institutions were still holding unclaimed assets.
It is believed that unclaimed assets held by companies in Kenya is in excess of KES 240 billion (approx. $2.2 billion).
Speaking during the launch of the East Africa Youth Online Blockchain Hackathon, Richard Kiplagat, the Chairman, UFAA Kenya, said:
“We have over KES 40 billion shillings in shares and financial assets within our trust fund. This money belongs to many Kenyans who are in dire need of that money.
The holders say they have incomplete information of the holders and they do not know where to send this money.”
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Kiplagat says that the database with incomplete information of unclaimed financial assets carries the risk of data manipulation and misuse. This prompted him to reach out and research further following the launch of the Blockchain and AI Taskforce Report, which provides a blueprint on how the government can leverage blockchain technology across its different parastatals and institutions.
According to Kiplagat, UFAA Kenya has committed to use technology in two ways:
- Secure the incomplete data – Since the current database of unclaimed assets is incomplete, it is vulnerable to manipulation and blockchain can help minimize this risk
- Unify the incomplete data – Being able to pick bits and pieces of identity information using Artificial Intelligence (AI) to help identify the rightful owners of these assets.
Kiplagat was optimistic about the blockchain’s potential in solving this security challenge:
“Where is the blockchain shop? I like it.”
Check out his full presentation above.
About UFAA Kenya
The Unclaimed Financial Assets Authority (UFAA) is an Authority created under the Unclaimed Financial Assets Act, No. 40 of 2011 to administer unclaimed financial assets.
The primary mandate of the Authority is to receive unclaimed financial assets from the holders of such assets, safeguard, and re-unite the assets with their rightful owners.
Their role involves assume custody of unclaimed assets from all institutions in Kenya, locate, notify, and make payments to the rightful owners.
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