It is said that an appropriate financial assets authority regime requires regulations that cut across. That’s probably why there was need for Kenya to form an agency that would remain committed to receive, safeguard and re-unite unclaimed assets for social prosperity and economic development with all relevant stakeholders.
The institution, named Unclaimed Financial Assets Authority (UFAA), was necessitated by the fact that huge sums of unclaimed assets are being held by institutions in Kenya, and aims at working on behalf of the State in ensuring that unclaimed financial assets have been fused with their rightful owners. John Kihara Mwangi is now its chief executive and managing trustee taking over from Kellen Kariuki who left the asset recovery agency last year.
Mr Mwangi brings to the agency over 16 years of experience having worked with leading fund managers and having a successful career in several financial institutions within investments and commercial banking in Kenya – he worked at the Bank of Africa where he was the relationship manager in institutional banking. He has also worked at ICEA asset managers, Old Mutual asset managers and African Alliance Investment Bank. He joined the agency in 2015 where he held the role of manager for Unclaimed Financial Assets Line before climbing the ladder to become CEO.
He holds an Executive MBA from Strathmore Business School and has an undergraduate in Economics and Business Studies from the University of Nairobi. He has also undergone a Modular course on Corporate Entrepreneurship and Global Strategy at IESE Business School, University of Navarra in Barcelona.
Additionally, he is a Certified Investment and Financial Analyst and Member of the Institute of Certified Investment and Financial Analysts (ICIFA). He is also a Certified Trustee by RBA in conjunction with College of Insurance as well as a member of Kenya Institute of Management (KIM).