This archive report was first published on 21 July 2019.
On July 21, 2019, Zamara Group, a leading pension fund administrator in Kenya, partnered with Singapore-based tech firm pinBox Solutions to launch a digital micro-pension programme.
The programme aims to provide a secure and affordable mechanism for Kenyan citizens to access simple and regulated pension and insurance solutions.
According to Zamara, more than 9.2 million people are expected to be above the age of 60 years by 2019, with nearly 85 percent of them not receiving a pension.
pinBox Solutions has already implemented a similar model in Rwanda, which was adopted for the launch of the national-level government-sponsored EjoHeza micro-pension scheme in December 2018.
The partnership between Zamara and pinBox Solutions will enable the establishment of an inclusive, digital micro-pension marketplace, which will be accessible to Kenya's 15 million informal sector workers, including domestic help, youth, self-employed women, and other non-salaried individuals.
Parul Seth Khanna, the director and co-founder of pinBox Solutions, stated that the micro-pension scheme will tap into the country's 17 million informal sector workers, with the goal of delivering secure and affordable retirement solutions to 500 million excluded non-salaried workers across Africa.
“The solution will provide a secure and affordable mechanism which any Kenyan citizen will be able to conveniently access simple and regulated pension and insurance solutions,” said Zamara Group chief executive Sundeep Raichura.
