NAIROBI, Kenya, Sept 29 – The Enwealth Umbrella Pension Fund has reported a 49 percent increase in assets under management, marking one of the strongest performances in Kenya’s retirement savings sector.
According to its financial report, the fund’s assets grew to Sh1.056 billion in 2024, up from Sh724 million the previous year, driven by improved returns in both equities and fixed-income investments.
Speaking at the Annual General Meeting (AGM), Enwealth Financial Services Director Kennedy Mwonyoncho credited the growth to prudent investment strategies and an improved market environment.
He noted that inflows from NSSF Tier II contributions rose to Sh7.2 million in 2024, up from Sh1.8 million in 2023, reflecting growing confidence among employers and employees.
On the wider industry front, the Retirement Benefits Authority (RBA) highlighted continued growth, with pension assets now valued at Sh2.25 trillion, equivalent to 13 percent of GDP.
Out of 1,032 registered pension schemes, 197 manage assets above Sh1 billion.
“While the sector currently serves 7.2 million members, 4.49 million being active contributors, the pension coverage is still around 26% of the working population,” said Anthony Chumo of the RBA.
“The coverage is expected to rise with the ongoing implementation of the enhanced NSSF contribution framework.”
Fund managers projected strong returns for 2025, supported by a favorable investment climate. George Kamau, Portfolio Manager at ICEA Lion Asset Management, stated that Kenya’s GDP is expected to expand by 5.3 percent in 2025, with equities maintaining momentum and fixed-income markets benefiting from lower interest rates.
Kenya’s economy grew 4.7 percent in 2024, while inflation fell to 4.5 percent, down from 7.7 percent in 2023.
The shilling also appreciated 17.4% against the US dollar, boosting investment returns. The Central Bank of Kenya projects GDP growth of 5.4% in 2025, further reinforcing optimism in the pension sector.
