This archive report was first published on 28 August 2019.
On August 27, 2019, Octagon Africa launched a digital pension plan called MOBIKEZA to help informal sector workers in Kenya plan for their retirement.
The platform allows contributors to make unlimited contributions according to their ability, and they can make deposits and withdrawals via USSD or through the MOBIKEZA app available on Google Play Store and Apple Store.
To register, contributors can dial 4838000# and follow the prompts or download the app.
According to Octagon Africa CEO Godwin Simba, MOBIKEZA aims to bridge the pension uptake disparity in the country and encourage a large percentage of people to embrace a saving culture.
Simba stated that contributors can save from as low as KSh 1 and that they can withdraw their money after 14 days.
He also predicted that the number of contributors would rise from the current 5000 to one million members in 12 months, mostly those in the informal sector.
Speaking at the launch event in Nairobi, Retirement Benefits Authority (RBA) CEO Nzomo Mutuku said that MOBIKEZA had come at the right time, given that at least 20% of Kenyans are saving for retirement, compared to 80% in developed economies.
