Kenyans from all walks of life will have access to more pension savings products that cater to their diverse financial needs and adapt to the ever-changing economic landscape. This is as Old Mutual Life Assurance Company, a leading 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.
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.
Old Mutual, with its unwavering commitment to ensuring financial security for all Kenyans, is leading the charge. The company believes that pension coverage should not be limited to a select few, but should encompass every citizen, from entrepreneurs and freelancers to employees in multinational conglomerates. By providing accessible and customizable pension products, Old Mutual aims to bridge the gap and create a robust pension ecosystem that benefits all.
“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 Mr. 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.
“It is for this reason that we are spending a lot on financial literacy to make this country a saving nation.”
Twenty individuals who brought in between KSh1 million and KSh55.8m of new business over the period were feted at the prestigious ceremony, held at Nairobi’s Serena Hotel.
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 Ms. Loreen Makwanya, the Managing Director of Old Mutual’s Life Assurance business. Old Mutual envisions a future where every Kenyan can retire with financial peace of mind, and its commitment to inclusivity and innovation sets a new standard in the financial industry.