NAIROBI, Kenya, June 7 – Insurance services provider Old Mutual Kenya targets growing its current funds under management to support the pension space.
It comes at a time when the government is calling on employers to fully implement the National Social Security Fund (NSSF) Act, 2013, which seeks to transform the local pensions industry.
“We take cognizant that we must embed our partnerships with tied financial advisors, independent agencies, brokers, bancassurance, and financial managers among other intermediaries to have a one-stop shop to deliver more than just pension services but also an array of diverse financial solutions with a key aim to help more Kenyans live, work and retire honorably,” Old Mutual Life MD Calvince Onduru said during the awarding of top pension intermediaries in Nairobi.
It targets achieving this by working with more intermediaries and providers in Kenya’s retirement space.
This, it says, will help more Kenyans transition into a sustainable, long, and happy retirement.
Similarly, Old Mutual Head of Pension Christine Karoki noted that the future of retirement benefits in the country is hugely untapped as only about 20 percent of Kenyans are saving for retirement.
“The untapped market is vast, and most comprises people aged 35 and below who are faced with the uncertainty of the future. We also intend to leverage technology to help bring information closer to the people and instil financial discipline for them to make an informed decision.”
Old Mutual also aims to leverage technology and big data analytics to identify and reach untapped markets in the country, as well as those under 35.
Kenya’s pension industry grew to report at least Sh1.5 trillion in funds under management as of December 2021, with about a third going to NSSF and the rest held by private schemes.
