Alexander Forbes, a specialised financial services group, is returning to Kenya’s pensions market after thirteen years through a strategic partnership with Octagon Africa.
Octagon Africa, located in Kenya, Uganda, and Zambia, is a leading provider of pension, actuarial services, insurance brokerage and training for both the private and public sector organizations. It currently administers KSh100 billion in assets.
This strategic partnership comes after Alexander Forbes’ review of its strategic business and operating model in March 2019, and to exit emerging markets and strategically reposition with credible partners to deliver and support their clients operating in the specific country.
“The partnership allows us to benchmark on global practices while aligning to the local regulations and be able to offer standardised services in these countries,” Octagon Group chief executive Fred Waswa said at the launch on Tuesday.
“The partnership has given us the opportunity to tap into new clients which will help us increase our revenue base where the majority of them are coming from the US, a couple of them South Africa and a few of them from Europe,” said Waswa.
A new strategic partnership has been entered into under which Octagon Africa will serve Alexander Forbes multinational clients with a presence in Kenya.
We believe that Octagon Africa meets Alexander Forbes’ and our clients’ requirements and is able to deliver benefits and serve our clients in Kenya said Craig Bentley, Head of Multinational Consulting at Alexander Forbes.
“We commit our full support to Octagon Africa as they take the lead with our clients in Kenya and as we actualize our plan to expand our network of in-country service providers,” Bentley concluded.
Octagon will be providing pension administration, insurance brokerage, employee benefits, and risk consulting services to Alexander Forbes clients operating in Kenya.
The two organisations are also set to share research, global best practice and intellectual property, that will contribute to and grow the industry and the region.
“We are in discussions to expand our services to take over Alexander Forbes business in Uganda, Rwanda and Ghana. That is our next growth phase where we partner with established companies to improve our product offerings as well as enter new markets,” Waswa said.
