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.
According to Kiplagat, UFAA Kenya has committed to use technology in two ways:
1. 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
2. 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.