This archive report was first published on 23 July 2019.
On July 23, 2019, Zamara, Kenya's largest pension administrator, made a significant move by partnering with Singaporean firm PinBox to extend pension services to the informal sector. The goal is to provide a secure and affordable mechanism for any Kenyan citizen to access simple and regulated pension solutions.
The digital micro-pension program was launched at the Afro-Asia Fintech festival in Nairobi, with Zamara aiming to attract low-income earners in the Juakali sector, estimated to be around 17 million workers.
According to Zamara's group CEO, Sundeep Raichura, the aim is to reach artisans, domestic workers, bodaboda drivers, street vendors, self-employed women, and youth to achieve old-age income security.
With this new scheme, Zamara intends to add to its existing 160,000 Kenyan members, accounting for about 1/3 of pension membership in Kenya. Zamara, formerly Alexander Forbes East Africa Ltd, plans 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, stated, “Our partnership with Zamara is part of our expansion strategy targeting to cover 500 million non-salaried workers in Africa.”
