Sanlam Kenya Plc (NSE: SLAM), a listed non-banking financial services company, has launched a new digital pension product dubbed Sanlam Akiba Plus, aimed at helping Kenyans save more for retirement through a simple, tech-driven platform.
The new mobile-first product is designed to make retirement planning easier by allowing users to sign up and manage their savings online. It also seeks to increase life insurance penetration and encourage consistent saving among Kenya’s growing digital population.
The launch comes as the Insurance Regulatory Authority (IRA) reports strong growth in the sector.
In the second quarter of 2025, life insurance recorded gross written premiums of KES 110.39 billion, marking a 17.7% increase compared to the same period in 2024.
The growth has been linked to ongoing digital transformation and regulatory reforms.
Sanlam Life CEO Jacqueline Karasha said the company is investing in InsurTech innovation to make digital insurance products more accessible.
“Our goal with Akiba Plus is to close the pension gap in Kenya by offering a simple, credible, and future-ready solution that works for everyone. This is about helping Kenyans save consistently and retire with dignity,” she said.
Sanlam Life, part of the Sanlam Kenya Group, continues to push for greater financial inclusion by providing digital tools that empower people and businesses to take control of their financial future.
Group CEO Dr. Patrick Tumbo (EBS) said the new product reflects Sanlam’s broader commitment to expanding access through technology.
“With Sanlam Akiba Plus, our clients can now enjoy convenient access to a platform that allows them to take charge of their savings, grow their wealth, and plan for retirement,” he noted.
Through Akiba Plus, users can easily enroll in personal pension plans or employers can create workplace pension schemes for their teams.
To meet the needs of different savers, the platform offers four flexible pension options:
- Personal Pension Plan (IPP): A flexible, tax-friendly plan that lets individuals save and monitor their investments at their own pace.
- Post-Retirement Medical Fund (PRMF): A savings option to help Kenyans cover healthcare costs in retirement.
- Employer Umbrella Plan (UPP): A pension solution for businesses to support employees’ long-term financial goals while enjoying seamless payroll integration.
- NSSF Tier II Compliant Pension Plan: A digital, compliant option under the NSSF Act that allows employers to direct Tier II contributions to Akiba Plus for potentially higher returns.
All contributions under Sanlam Akiba Plus are protected against capital loss and earn a guaranteed minimum return of 5%.
The funds will be managed according to the scheme’s Trust Deed, Rules, Investment Policy Statement, and the Retirement Benefits Act.
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