South Africa To Get Mobile Pension Plan

By  |  November 21, 2012
 | 

Mbao is a pension plan launched in June 2011 targetting workers in the informal sector in Kenya. The voluntary retirement savings plan has a minimum contribution of Sh20 to be paid via Safaricom’s M-Pesa or Airtel’s money transfer service. The service now has 40,000 subscribers and collects at least Sh4 million monthly.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Now the Retirement Benefits Authority and Mbao trustees are in talks with their South African counterparts to help them set up a similar mobile pension fund for informal workers in the country.

    Mbao wants to revolutionize the saving culture in the country, enabling small business holders and casual workers to save for a comfortable retirement – usually excluded from pension savings schemes.


    See More In: