Unclaimed Financial Assets Authority picks John Kihara Mwangi as new CEO

Unclaimed Financial Assets Authority (UFAA) has picked John Kihara Mwangi as its new chief executive and managing trustee to replace Kellen Kariuki who left the lender late last year.

Mr Mwangi has served at UFAA since 2015 when he joined the institution from Bank of Africa (BOA) where he was a relationship manager in Institutional Banking.

Prior to his appointment, he was the manager for Unclaimed Financial Assets Line at UFAA, a position he has held for the last four years.

“The Board is confident in the appointment of Mr. Mwangi and assures him of its full support in this new journey,” said a statement from UFAA Thursday.

Mr Mwangi is a Certified Investment and Financial Analyst and member of the Institute of Certified Investment and Financial Analysts (ICIFA).

He is also a member of Kenya Institute of Management.

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Mr Mwangi holds a bachelor’s degree in economics and business studies from the University of Nairobi.

“He also underwent a modular course on corporate entrepreneurship and global strategy at the University of Navarra in Barcelona,” said the statement.

The agency in 2018 stablished an online portal where Kenyans in retirement, their relatives as well as workers could check whether they have a stake in the Sh36.5 billion held in trust by the institution.

The assets include Sh10.7 billion in cash, 446.99 shares worth Sh25.76 billion and 8.15 million unit trusts worth Sh14.55 million.

Sources of the funds have mainly been uncollected salaries and benefits, pension, unit trusts, mature policies, unclaimed dividends, money in dormant mobile, bank and sacco accounts that remain uncashed for more than two years.

The agency currently holds 1,047 safe-boxes containing valuables such as jewellery, share certificates and title-deeds, whose custodians, mainly banks, insurance companies and saccos, surrendered to the parastatal.