Alexander Forbes taps into Kenyan diaspora billions
By Standard Reporter
| December 19th 2015
NAIROBI: Financial and risk services firm, Alexander Forbes has signed a memorandum of understanding with the Kenya Diaspora Alliance (KDA) to roll out a pension and savings product.
There are more than two million Kenyans living abroad who send home about Sh130 billion annually that Alexander Forbes is eyeing.
Alexander Forbes Chief Executive Officer Sundeep Raichura said the partnership will see KDA join the firm in promoting and marketing the Kenya Diaspora Pension and Savings Plan, a first for Kenyans living overseas.
The new product will operate as a trust and be regulated by the Retirement Benefits Authority. The Plan will offer Kenyans living outside the country individual retirement and other savings plans as well as cash backed loans with a local commercial bank.
“We will be the sponsor and administrator of this plan while KCB will act as the corporate trustee and custodian of the funds,” Mr Raichura said.
Under the agreement, Kenya Diaspora Alliance will receive a trail for money paid into the pension and savings fund. The new scheme will also have two registered local investment managers and one Africa investment manager.
Kenya woos investors with single info platformCurrent and prospective investors can now get information on Kenya’s investment rules and procedures on a single platform.
Restoring Nairobi’s iconic librariesBook Bunk is turning public libraries into what they call ‘Palaces for The People' while introducing technology in every aspect.
Man who walked 230km to attend Mashujaa celebrations left stranded at hotel
- Kiraitu Murungi party to endorse Governor Muriithi as Raila deputy
- You will pay Sh5,000 for not using city footbridges
- Uhuru, Ruto in a show of comradeship at Mashujaa Day Celebration
- The two women in Ndichu twins altercation speak out
- 10-year boy fighting for life, two women arrested after an attempted exorcism