CPA Laban Molonko has been inaugurated as the new CEO and Managing Trustee of the Unclaimed Financial Asset Authority (UFAA) for a term of three years.

Molonko takes over from Caroline Chirchir, who has been serving in an acting capacity since August 2024.

Molonko became the third CEO and Managing Trustee since the inception.

While welcoming the new CEO, Chairman Dr. Francis Kigo Njenga (PhD) congratulated Molonko on the appointment and wished him well in his new appointment.

“The Board is delighted to have Molonko join the Authority and looks forward to working together to deepen the unclaimed financial assets regime in the country, especially the reunification of assets with their rightful owners,” said Dr Kigo.

The Chairman also thanked the outgoing CEO Caroline Chirchir for her leadership during the transition and handover period.

Molonko acknowledged that UFAA has already made tremendous strides in establishing a regulatory framework, safeguarding assets, and ensuring rightful owners are reunited with their financial property.

“That foundation is solid, and I intend to build on it with resolve and vision,” Molonko said.

He expressed his commitment to deliver an ambitious vision to transform UFAA into a world-class authority in the administration of unclaimed financial assets.

“My vision is to lead an efficient, transparent, and trusted UFAA with a clarity of purpose, teamwork, and accountability”, Molonko said.

The incoming CEO has over 20 years of work experience in finance, corporate governance, and strategy, spanning banking, healthcare, manufacturing, and regulatory sectors.

His expertise also spans surveillance and risk oversight.

He has held senior leadership positions at East African Portland Cement Ltd., The Nairobi Hospital, Central Bank of Kenya, and Access Bank (K) Limited.

In his previous tenure, he demonstrated a strong track record in policy formulation, stakeholder management, and institutional transformation.

Until his appointment, CPA Molonko served as Chief Finance Officer at Access Bank Kenya, where he led mergers, digital transformation, and growth strategies.

UFAA building for illustration purposes. PHOTO/FILE