A funds administrator is pushing for establishment of an integrated online pensions portal to boost members’ confidence leading to higher uptake of products across Kenya.
Speaking during its inaugural webinar, Octagon Pension Services managing director Godwin Simba said Kenya could benefit from using technology riding on a cloud-based model that facilitates in-house transactions as well as linkages to external stakeholders.
“Organisations must embrace technology and have a strong research and development team that foresees adverse scenarios beforehand by analysing data thereby helping pension scheme take pro-active measures that safeguards member savings,” he said.
Mr Simba said development of an application programming interface (API) will facilitate integration of various players under a one-stop shop arrangement on mobile and websites enabling various activities to be conducted real-time such as payments and withdrawal processes as well as submission of reports as required by the regulator.
Octagon founder chief executive Fred Waswa supported establishment of an all-sector pensions’ platform saying it would enhance transparency and stakeholder engagements that are key to promoting confidence “Let us give Kenyans a platform they can access and track their savings. We also need to make it mandatory for Kenyans to save for old age albeit at different levels,” he said.
