May 2026
28May

Kenya’s 18.1 Million Informal Workers Hold The Future Of Pensions

Kenya created over 822,000 new jobs in 2025, according to the Kenya National Bureau of Statistics Economic Survey 2026 released recently.  At first glance, this signals a resilient economy. But the composition of those jobs tells a more important story that reshape how we think about savings, pensions, and financial security. Over 87% of these jobs were created in the informal sector. Today, 83.8% of Kenya’s workforce, about 18.1 million people, earn their living outside formal employment. This is not...

May 28, 2026
News, ,
Read more...

April 2026
16Apr

Kenya. Audit raises red flag over Sh118.5 billion pension payments to ghost retirees

An audit has uncovered persistent irregularities in the pension system, raising fresh concerns over the possibility of ghost pensioners, incomplete records and questionable payments running into billions of shillings. The Auditor General's report covering the financial year ending June 2024 reveals that billions of shillings in pension payments remain under scrutiny due to gaps in records, delayed processing and long-standing reconciliation issues. In her report to Parliament, Gathungu questioned the accuracy of Sh118.55 billion pension payments, which include Sh61.68 billion for...

April 16, 2026
News,
Read more...

March 2026
26Mar

Why Kenya needs a one-stop pension dashboard now

The Retirement Benefits Authority (RBA) data shows that 7.5 million Kenyans are actively saving for retirement, with many contributing to multiple pension schemes through employer-sponsored schemes, Government-backed schemes or individual pension schemes. Keeping track of projected benefits, contribution history, and fund performance across different schemes can be challenging for these members. Without a centralised view, managing retirement savings requires navigating different platforms, statements and customer service portals. The global pensions landscape is changing and offering solutions to savers on multiple retirement...

March 26, 2026
News, ,
Read more...
03Mar

Is Kenya ready for Financial Services Regulators Consolidation

Kenya’s financial sector has evolved far beyond the regulatory architecture originally designed to supervise it. What was once a neatly segmented ecosystem where banks are regulated by the Central Bank of Kenya (CBK), capital markets by the Capital Markets Authority (CMA), insurance by the Insurance Regulatory Authority (IRA), retirement benefits by the Retirement Benefits Authority (RBA), and deposit-taking Saccos by the Sacco Societies Regulatory Authority (SASRA), has transformed into an interconnected web of financial conglomerates offering multiple products across sectors...

March 3, 2026
News,
Read more...

February 2026
17Feb

Kenya. RBA Cracks Down on KSh72bn in Unpaid Pension Contributions with Stricter Penalties

The Retirement Benefits Authority (RBA) has launched a tough new drive to recover more than KSh72 billion in unpaid pension contributions, introducing stricter penalties and enforcement measures aimed at institutions that have deducted retirement deductions from workers’ pay but failed to remit them to pension schemes. The crackdown responds to a sharp increase in unremitted pension contributions, a problem that has eroded confidence in Kenya’s retirement benefits system and left millions of contributors at risk. RBA data show that...

February 17, 2026
News, ,
Read more...

December 2025
04Dec

Most Kenyans think their expenses will decrease in retirement. Is this true?

A new survey on retirement expectations shows that most working Kenyans believe their expenses will reduce once they leave active employment. The findings, published in the Driving Innovation in the Pension Sector in Kenya report by ICEA Group and released on November 20, 2025, offer a glimpse into how the workforce is preparing—mentally and financially—for life after work. According to the report, 57 per cent of the respondents expect their spending to be lower in retirement than it is today. This...

December 4, 2025
News,
Read more...
01Dec

Kenya. Steady rise of public sector pension schemes laudable

The significant increase in the number of people joining the public sector pension schemes is a major recognition of the vital role they play in securing retirees’ lives. The schemes provide financial security by guaranteeing a stable income in retirement. The membership increased from 368,795 in the year to June 2022, to 511,000 by June this year, a 38.6 per cent growth in four years. Besides individual benefits, pension schemes play a crucial role in the national economy by mobilising lifelong...

December 1, 2025
News,
Read more...

November 2025
21Nov

Enhancing Efficiency of Pension Schemes through Effective Risk Governance: A Kenyan Perspective

 By Sylvester Willys Namagwa The efficiency of pension schemes in Kenya invites elevated interest owing to the increasing pension contribution amounts and the expectation that benefits paid out of these schemes would protect members from old age poverty. The study investigates the intervening effect of risk management on the relationship between corporate governance and the efficiency of pension schemes in Kenya. The study employs panel data consisting of 896 observations from 128 schemes in a sample period from 2015 to...

November 21, 2025
Articles, Pension Management, ,
Read more...
21Nov

ICEA survey finds most Kenyan retirees struggle to survive on pensions

A recent nationwide survey by ICEA Lion has revealed that most retirees in Kenya are unable to rely solely on their pensions to meet everyday expenses. The findings, based on responses from 1,200 working and retired Kenyans, highlight the fragile financial state of the ageing population in a country where savings culture is weak and social security coverage remains limited. The "ICEA Retirement Preparedness Survey" shows that just about half of retirees feel their pension is enough to sustain them in...

November 21, 2025
News, ,
Read more...

September 2025
19Sep

Kenya: Fraud scandal robs millions of healthcare, pensions

For decades, Kenya’s public pension and health insurance systems have promised workers security in retirement and protection during illness. But for many citizens, these promises have now turned into frustration and betrayal as the money they faithfully contributed has ended up in the pockets of fraudsters within the system. In 2024, a report by Auditor General Nancy Gathungu revealed more than 260 000 cases of fraudulent activities targeting pension schemes in Kenya. Between 2013 and 2020, over 67 billion Kenyan shillings ($515...

September 19, 2025
News,
Read more...