NAIROBI, Kenya, Mar 10 – The Retirement Benefits Authority (RBA) has renewed the operating licence of KUSCCO Mutual Assurance Limited, allowing the firm to continue managing pension schemes despite the ongoing financial scandal involving its parent organisation.
In a notice issued to the retirement benefits industry on February 28, the regulator listed KUSCCO Mutual Assurance among more than 30 administrators approved to operate under the Retirement Benefits Act.
“The Authority would like to bring to the attention of the Retirement Benefits Industry the list of the registered administrators as at February 28, 2026,” RBA said in the notice.
KUSCCO Mutual Assurance provides pension administration services to retirement schemes, particularly those linked to the savings and credit cooperative sector.
The licence renewal comes as investigations continue into alleged financial mismanagement at Kenya Union of Savings and Credit Co-operatives (KUSCCO), where senior executives have been accused of presiding over the loss of about Sh15 billion belonging to depositors and cooperative societies.
The scandal has rattled the cooperative movement and drawn scrutiny from regulators and Parliament over governance and oversight failures at the umbrella body representing hundreds of Saccos across the country.
Despite the ongoing investigations, RBA’s latest notice shows that KUSCCO Mutual Assurance remains authorised to operate alongside other pension administrators such as APA Life Assurance Limited, Britam Life Assurance Company Kenya Limited, Jubilee Life Insurance Limited, ICEA LION Benefits Services Limited and Old Mutual Life Assurance Kenya Limited.
The KUSCCO scandal has emerged as one of the largest financial governance crises in Kenya’s cooperative sector, raising concerns over the safety of funds managed on behalf of Saccos and retirement schemes.
