With an aim to leverage WhatsApp users in Kenya, Zamara Group has introduced a new pension scheme for them. The first of its kind, the product known as Fahari Retirement Plan, enables Kenyans to opt-in and transact via WhatsApp.
“With a reach of more than 12m 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 Zamara Group Chief Executive Officer Sundeep Raichura Raichura.
Kenyans use WhatsApp to communicate with friends and family, get updates from community organizations, and — increasingly — connect with brands and businesses. As simple as it is, Zamara says it is making pensions easy, accessible, and simple for Kenyans.
“Using this platform, we will be able to reach the untapped market segments, particularly the youth and the informal sector, and enable them to access sachet-sized pension and insurance solutions through a simple, reliable, private and secure experience”.
Fahari Retirement Plan allows individuals to save as low as KSh20 per day or KSh300 per month.
It has embedded an insurance funeral cover of Sh25,000.
To access the plan on WhatsApp, users must save a Fahari mobile number (0709299999) on their phones and send a text message to register.
The Fahari Retirement Plan is a fully digitized pension/savings solution that is accessible to any Kenyan through multiple channels including USSD code, Website, and Agents. And now through WhatsApp.
Fahari is registered with the Retirement Benefits Authority and the Kenya Revenue Authority. Any Fahari Retirement Plan transaction via WhatsApp is secured through end-to-end encryption for calls and messages.
Critical information such as your One-Time login Password (OTP), payment instruction, account balance, etc. will always be shared as an SMS to the member’s mobile number registered with the Fahari pension plan.
According to the 2019 FinAccess Household Survey Report, the Pensions Industry has seen significant growth with the number of registered members growing by a 10-year CAGR of 15.7% to 3.0 mn members in 2019, from 0.7 mn registered members in 2009.
During the same period, the Assets under Management (AUM) grew by a 10-year CAGR of 13.4 per cent to Kshs 1.4 trillion as of December 2020, from Kshs 0.4 trillion in December 2010 attributable to the initiatives done by the regulator and other stakeholders to educate the public on the need to join retirement benefits schemes coupled with an enabling regulatory environment.