The National Social Security Fund (NSSF) has launched a cashless contribution system through Safaricom's M-Pesa platform, allowing members to pay dues via PayBill 333300.
NSSF board chairman Julius Karangi emphasized that less than 20% of Kenya's workforce participates in pension schemes, contributing to high post-retirement poverty rates. He noted that low contributions create dependency on family support and worsen challenges posed by an aging population.
Speaking during the partnership signing at NSSF headquarters in Upper Hill, Karangi stated, "Kenya has the highest level of old age independence, which is so shaming." He urged employers and individuals to prioritize pension enrollment, particularly in informal sectors.
Karangi highlighted that Kenyan retirement savings lag behind regional peers, with monthly contributions among the lowest in the Horn of Africa. "The level of retirement savings in Kenya is extremely low," he said, referencing a 2018 warning about scams targeting member savings.
In January 2019, Labour Cabinet Secretary Ukur Yatani reappointed Francis Atwoli and Jacqueline Mugo to the NSSF board, reinforcing governance structures amid expansion efforts.
