NAIROBI, Kenya, Nov 17 – Kenyans are set to access additional pension and saving products for diverse financial needs.
This comes after Old Mutual Life Assurance Company, a provider of financial services in Kenya, underscored the importance of extending pension coverage to all citizens.
“In a country marked by a burgeoning and dynamic workforce, Old Mutual recognises the growing prominence of small and medium-sized enterprises (SMEs) and players in the informal working sector and is committed to addressing their unique retirement needs,” Old Mutual said.
“This demographic contributes significantly to the country’s GDP, employment, and innovation, making it imperative that the financial industry adapts by offering tailor-made pension products that address their specific requirements.”
By providing accessible and customizable pension products, Old Mutual aims to bridge the gap and create a robust pension ecosystem that benefits all.
Old Mutual’s commitment to expanding pension coverage aligns with the Kenyan government’s efforts to enhance financial inclusion and social security.
The company is working closely with regulatory bodies and industry stakeholders to develop products and services that meet the evolving pension needs of Kenyans and support the country’s economic growth.
“Looking into 2024, there are many opportunities; the work that we have started this year in mining the opportunity that the NSSF act brought. There are projections of over KSh1 trillion in contributions over the next three years, including through SMEs, and we are looking to capitalize on this market,” said Loreen Makwanya, the Managing Director of Old Mutual’s Life Assurance business.
“For us, the future of retirement benefits is very strong; we have a very young to middle age group, whose needs are changing. We also have a very large informal sector and we need to work to ensure that people in this sector retires honourably,” said Arthur Oginga, the Group CEO of Old Mutual – East Africa, during an awards ceremony to recognize the company’s best-performing agents in pension sales in the half year to June 2023.
Twenty individuals who brought in between Sh1 million and Sh55.8 million of new business over the period were feted at Nairobi’s Serena Hotel.
“It is for this reason that we are spending a lot on financial literacy to make this country a saving nation.”
