Over 200 delegates drawn from across Africa and the world will converge in Nairobi between 27th and 30th of October to attend the first ever Unclaimed Financial Assets Summit held on the African continent.
The event organised by Unclaimed Property Assets Register Kenya (UPAR) and Unclaimed Financial Assets Authority (UFAA) will be held at the Windsor Golf and Country Club in Nairobi.
According to Mr Joe Ngigi, UPAR CEO who doubles as the summit director, the event will provide stakeholders with an opportunity to learn and discuss critical issues involving governance, management and administration of unclaimed financial assets across Africa.
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“UPAR sees value in creating a new platform in the form of an international Summit and a community of practice to provide a unique forum for the private and public sectors to unite and share international best practices on unclaimed financial assets,” Mr Ngigi said.
The summit will also explore emerging trends and what the future holds for the unclaimed assets segment and its contribution to the economy. Unclaimed Financial Assets Authority recently launched an awareness month for October to sensitise the public and create awareness on the same.
With 1,200 claimants already identified to be rightly claiming a total of Ksh32 million, the two institutions are seeking to extend the lessons to the rest of Africa. “During the summit, participants drawn from local financial institutions such as banks, insurance companies, pension funds among others holding unclaimed financial assets will get an opportunity to engage in conversations with global industry experts regarding various processes involved in this sector,” Mr Ngigi added.
A survey conducted by UPAR and a taskforce from financial institutions values unclaimed assets from various institutions at Ksh9.1 billion, Ksh.7.4 billion of which was reported by banks. Delegates from 15 countries are expected to attend the summit with Rwanda, South Africa, Zimbabwe, Zambia and Tanzania having confirmed already.
Unclaimed Property Assets Register Kenya Ltd was registered in 2005 to act as an electronic search for unclaimed assets. It is retained by UFAA to develop the final draft drafts of regulations and advises Unclaimed Financial Assets Authority accordingly.
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