Listed non-banking financial services firm Sanlam Kenya Plc has launched the Sanlam Akiba Plus Pensions product that will be primarily delivered and distributed on its digital platform.
The Sanlam Akiba Plus has been designed to boost life insurance product penetration and retirement savings growth, while allowing for self-service convenience and online onboarding for digitally savvy consumers.
The launch of the product aligns with recently released industry statistics issued by the Insurance Regulatory Authority (IRA), confirming that Kenya’s insurance industry had recorded robust growth in the second quarter of the year, driven by Digital Transformation initiatives and Regulatory Reforms.
According to the IRA, during the second quarter of 2025, life assurance business had gross written premiums worth Ksh 110.39 billion, representing a 17.7% growth.
Sanlam Life CEO Jacqueline Karasha said the firm is investing heavily in Insurance Technology (InsurTech) innovation, research, and development to boost the uptake of digital Life Insurance products.
“Our goal with Akiba Plus is to close the pension gap in Kenya by offering a simple, credible and future-ready solution that works for everyone. This is about helping Kenyans save consistently and retire with dignity,” Karasha said.
The mobile-first Sanlam Akiba Plus platform allows users to self-onboard into personal pension plans, while enabling employers and SME entrepreneurs to set up workplace pension schemes for their employees.
“With Sanlam AkibaPlus, our existing and potential clients will now enjoy convenient access to a platform that allows them to take charge of their savings, increase their wealth and grow their retirement savings,”Patrick Tumbo EBS, Group CEO, Sanlam Kenya, said.
Akiba Plus features four innovative pension products, each designed to provide flexibility, security and convenience:
- Akiba Plus Personal Pension Plan (IPP): A flexible, tax-efficient savings plan designed for individuals who want to take charge of their financial future. With the IPP, savers can contribute at their own pace, enjoy tax relief benefits, and track their investment growth in real-time through the digital platform.
- Akiba Plus Post-Retirement Medical Fund (PRMF): This is a specialized savings and investment solution designed to help individuals prepare for healthcare expenses in retirement. As medical costs continue to rise, PRMF provides a structured and tax-efficient way to build a dedicated fund that ensures access to quality healthcare when it’s needed most—after active employment ends.
- Akiba Plus Employer Umbrella Plan (UPP): A comprehensive solution for businesses that want to support their employees’ long-term financial security. Sanlam provides comprehensive administrative and regulatory support, while employers benefit from seamless payroll integration, automated compliance, and the ability to offer staff an attractive retirement benefit that boosts loyalty and morale.
- NSSF Tier II Compliant Pension Plan: A compliant, digital-first alternative to the mandatory Tier II contributions under the NSSF Act. This plan enables employers to channel contributions into Akiba Plus for potentially higher returns, while providing employees with the transparency, flexibility, and convenience of managing their retirement savings online.
All Sanlam Akiba Plus contributions will be guaranteed against capital depreciation and will earn a guaranteed minimum return of 5%.