Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Chris Ogetii, Chief Operating Officer at Zamara, a local financial services firm offering pension administration services, says demystifying pension schemes to workers in the informal sector will encourage absorption/CFM - OJWANG JOE

Enterprise

Pension firm seeks to broaden savings schemes for informal sector workers through tailored plans

Chris Ogetii (pictured), Chief Operating Officer at Zamara, a local financial services firm offering pension administration services, says demystifying pension schemes to workers in the informal sector will encourage absorption/CFM – OJWANG JOE

KISUMU, Kenya, Jul 12 – Tailor-made retirement saving schemes have been cited as central to expanding pension uptake among informal sector workers which remains significantly low.

Chris Ogetii, Chief Operating Officer at Zamara, a local financial services firm offering pension administration services, says demystifying pension schemes to workers in the informal sector will encourage absorption.

He says most Kenyans have not embraced pension due to lack of clear messages.

“The financial information that we provide, some of it is provided in a manner that does not make it easy for the users to consume,” he says.

Ogetii says the pension sector in the country could play a much more significant role particularly in the areas of financing the country’s development needs.

“If you look at the employment today, 80 to 85 percent of income-earning Kenyans are not in the formal sector, and we believe that they also deserve their right like any other Kenyan to prepare for their retirement” the CEO whose firm administers assets worth Sh275 billion says.

Ogetii announced that next month they are coming up with a pension retirement plan that is designed to assist individuals and groups.

He says Zamara will next month unveil a retirement savings scheme designed for the informal sectors which will build up retirement capital in a tax efficient way.

He says the new plan will be on a digital platform making it available to a wide range of Kenyans while offering quick service.

“Given that it is a technologically driven platform, it will provide broader reach to this segment,” he says noting the pension industry in the country has witnessed phenomenal growth in the last 15 years.

Advertisement. Scroll to continue reading.

Ogetii was speaking in Kisumu on Thursday during a regional seminar that brought together pension fund trustees, investment professionals and regulators.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...