Retirement funds manager Zamara has inked a deal with Singaporean firm PinBox to extend pension services to the informal sector with the goal to provide a secure and affordable mechanism for any Kenyan citizen to access the simple and regulated pension solutions.
The digital micro-pension program was launched at the just concluded Afro-Asia Fintech festival in Nairobi. Zamara wants to attract low-income earners in the Juakali sector approximated to be about 17 million workers.
Zamara’s group CEO Sundeep Raichura said, “our aim is to reach artisans, domestic workers, bodaboda drivers, street vendors, self-employed women and youth to achieve old age income security”
The scheme intends to add on to Zamara’s 160000 Kenyans accounting to about 1/3 of pension membership in Kenya. Zamara, formerly Alexander Forbes East Africa Ltd, is Kenya’s largest pension administrator and intends to explore new long term saving strategies for the Juakali sector.
Retirement benefits uptake in Kenya is poised to grow with over 60 years old set to increase in coming years.
PinBox co-founder Parul Khanna said,” Our partnership with Zamara is part of the expansion strategy targeting to cover 500 million non-salaried workers in Africa.”