This archive report was first published on 19 July 2019.
Kenya is facing an emerging old age poverty crisis, with over 9.2 million people expected to be above the age of 60 by 2019, and nearly 85% of them will not get a pension.
According to Zamara Group Chief Executive Officer Sundeep Raichura, an estimated US$3.34 billion will be required annually to fund the welfare of these elderly people, a cost that tax revenues will not be able to cope with.
“Without an effective and immediate policy, regulatory and business response to pension exclusion, however, poverty among the future elderly in Kenya will become the dominant cause of increased poverty in the country,” Raichura warned.
As part of the solution, Zamara Group has partnered with pinBox solutions, a Singapore-based tech firm, to launch a unique micro-pension inclusion partnership in Kenya.
“Through our partnership, we aim to reach and empower the millions of domestic helpers, boda boda drivers, farmers, small shop-keepers, artisans and street vendors, and especially the youth and self-employed women in Kenya to achieve old age income security through thrift and self-help,” Raichura said.
Parul Seth Khanna, the director and co-founder of pinBox, added that the partnership will tap the country’s 17 million informal sector workers and provide a secure and affordable mechanism for them to access pension and insurance solutions.
