Browsing: Zamara Group

The debut coincides with an insurance industry shift toward digital platforms to attract underserved and unserviced customers.

The Insurance Regulatory Authority (IRA) reported in October 2021 that Kenya’s insurance penetration fell to 2.43 per cent of GDP in 2019. The lowest level in 15 years, from a peak of 3.44 per cent in 2013.

According to its 2022-2025 strategy plan, the company would invest around $100 million in technology over the next three years to strengthen its digital strength.

“The digital revolution of the insurance industry will require a large number of resources to spend. However, investing in online technologies will be crucial if insurers want to stay current with consumers,” Raichura added.…

Financial services provider Zamara Group has launched Africa’s first pension and savings plan on WhatsApp.

The latest innovation will allow customers to open, access and transact with Zamara’s Fahari Retirement Plan account via WhatsApp.

During the launch, Zamara Group Chief Executive Officer Sundeep Raichura said the development highlighted Zamara’s quest to accelerate and enable digital and financial inclusion in Kenya by providing easy access to financial solutions.

“With a reach of more than 12 million users in Kenya — more than any other app in the country — using WhatsApp we are uniquely positioned to bring more people into the pensions and insurance ecosystem,” said Raichura.

“We will leverage this messaging platform to help address the challenges of financial literacy and deliver micro pensions in Kenya”, added Raichura.

Retirement Benefits Authority Chief Executive Officer Nzomo Mutuku lauded the efforts by Zamara, saying that financial inclusion empowers individuals with the ability …

Coverage of retirement schemes in Kenya remains below 50%

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed.

The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals.

Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

According to Zamara Group CEO Sundeep Raichura, even those who are saving under retirement schemes have insufficient coverage to provide an adequate income when they retire.

The study which covered 65,000 retirement scheme members, spread across more than 200 retirement funds in the …