OCTAGON’S MICRO – PENSION SOLUTION FETED

OCTAGON’S MICRO-PENSION SOLUTION FETED

By Vera Shawiza

Octagon’s micro-pension solution MOBIKEZA has been recognised by the

World Pension Summit Innovation awards for their communication and

innovation engagement targeted at the informal sector.

Launched last year, MOBIKEZA is an innovative digital pension plan that

gives workers in the informal sector with inconsistent income a

flexible platform to save for their retirement with an added unique

advantage of allowing one to make unlimited deposits through their

mobile phones via USSD or an app while providing the same flexibility

of access to the savings.

“This award is a testament to our efforts in continuing to innovate and

provide solutions that meet the needs of all sectors. MOBIKEZA is a

solution targeted to boost pension coverage for the informal sector

that forms 35-50% of the economy in developing countries such as

Kenya,” noted Octagon Pension Managing Director Godwin Simba.

“In the last year since we launched MOBIKEZA, we have seen an immense

uptake of the product by the informal sector, students and even

employees seeking to have an extra form of savings for retirement.

Currently, we have 74,000 registered members saving on the platform,”

he added.

The product sought to address needs of the informal sector that require

a flexible and affordable product that will be able to show daily,

monthly and yearly yields, in turn, boost the saving culture and

guarantee comfortable life after retirement,”

Since its conception in 2010, the World Pension Summit Innovation

awards aims at honouring great initiatives and proven solutions in

pensions. The 2020 Innovation Awards sought pension funds that are

using advancing technology to drive their pensions forward through

investment, design, innovation, participation, communication or any way

that may help drive successful outcomes. The summit, co-hosted by The

Hague and World Gold Council among other sponsors, held the awards

ceremony virtually due to the Covid-19 restrictions.

In addition to MOBIKEZA, Octagon Pension Services also prides itself in

having the very first self-servicing pension system for clients, the

Octagon Pension Administration System (OPAS).

MOBIKEZA, powered by Octagon Africa, is a robust Micro-Pension product

designed to help people in the informal economy contribute and save

conveniently for retirement flexibly and affordably. It seeks to

accommodate irregular income streams and offer financial freedom to

users. MOBIKEZA is anchored on an individual retirement saving platform

namely Octagon Personal Pension Scheme which is registered and

regulated by the Retirement Benefits Authority. For more information

about MOBIKEZA, please visit https://mobikeza.com/