NAIROBI, Kenya, June 18 – More Kenyans will be able to set up trusts to manage and transfer their wealth after Britam introduced two products targeting individuals, families and business owners.
The products come as concerns grow over succession planning and the rising value of unclaimed assets in the country.
The first product, the Britam Cash Trust, allows individuals to set aside money for specific purposes such as education, healthcare and upkeep of beneficiaries. The second, the Britam Family Trust, can hold a wider range of assets including property, businesses, investments and cash.
According to Britam, the products are designed to help people determine how their assets will be managed and distributed during their lifetime and after death.
The launch comes at a time when the Unclaimed Financial Assets Authority (UFAA) is holding more than Sh115 billion in unclaimed assets, including bank deposits, pension benefits, insurance payouts and investment accounts that have not been claimed by beneficiaries.
Britam said trusts can help reduce cases where benefits fail to reach intended recipients, particularly minors and dependents who may face difficulties accessing inherited assets.
“Trusts have often been viewed as tools for significant inherited wealth. Britam Trust Services is built on a broader premise: that anyone building wealth needs a structure to protect and steward their assets,” said Britam Group Managing Director and Chief Executive Officer Tom Gitogo.
The insurer said the Britam Cash Trust will be accessible to ordinary savers, with contributions starting from Sh5,000 and additional top-ups made over time.
The company is also targeting students and young professionals who are beginning to build assets, as well as families seeking formal succession plans for property, businesses and investments.
Beyond individual wealth planning, the trust products will also allow employers to manage employee benefits payable to beneficiaries under the age of 18 in the event of a worker’s death.
A trust is a legal arrangement where assets are managed by a trustee on behalf of beneficiaries according to instructions provided by the person creating the trust.
The move reflects growing interest among financial institutions in offering wealth preservation and succession planning services as more Kenyans accumulate assets through savings, pensions, property and business ownership.
By Milka Osano
