Sanlam Kenya has launched a new retirement savings product, Sanlam Akiba Plus, aimed at offering greater flexibility, security and digital convenience for both individuals and employers. The listed non-bank financial services firm says the product is designed to address Kenya’s pension gap and improve life insurance penetration in the country.
Sanlam Akiba Plus is delivered and distributed via a digital platform, reflecting growing trends in InsurTech, regulatory reform, and digital transformation in Kenya’s financial sector.
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.
Jacqueline Karasha, CEO of Sanlam Life, said the new product is part of the company’s investment in innovation, research and development to boost uptake of digital life insurance products. She stated: “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.”
Sanlam Akiba Plus comprises four main pension‐oriented plans, each created to cater to different needs:
Personal Pension Plan (IPP): A flexible, tax-efficient savings plan for individuals. Contributors can save at their own pace, enjoy tax reliefs, and monitor investment growth in real time through the digital platform.
Post-Retirement Medical Fund (PRMF): Provides a structured, tax-efficient fund to meet medical expenses after retirement. In response to rising healthcare costs, this ensures retirees have access to quality medical care.
Employer Umbrella Plan (UPP): A solution targeted at employers and SMEs. It includes payroll integration, regulatory compliance support, and features designed to enhance employee retention by offering attractive retirement benefits.
NSSF Tier II Compliant Pension Plan: Allows employers to channel contributions under Kenya’s National Social Security Fund regulations (Tier II) into Akiba Plus, giving employees digital tools, transparency, and potential for better returns.
All contributions into Akiba Plus are guaranteed against capital depreciation, and customers are promised a minimum guaranteed return of 5%.
Pension penetration in Kenya remains below desired levels, especially among the informal sector, self-employed people, and small business employees. Digital pension platforms like Akiba Plus are seen as a catalyst for making retirement planning more accessible.
Patrick Tumbo EBS, Group CEO of Sanlam Kenya, emphasized that the platform is “mobile-first” and allows both individual self-onboarding and employer-led schemes. He noted that existing and potential clients will benefit from greater control over their savings, improved visibility into their retirement savings growth, and better convenience.
“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 said.
The launch of Sanlam Akiba Plus comes amid broader regulatory reforms and shifts in Kenya’s financial services industry. The Insurance Regulatory Authority has recently reported robust growth in digital transformation initiatives across the insurance sector.
According to statistics from the Insurance Regulatory Authority (IRA), the life assurance sector experienced strong growth in Q2 2025, with gross written premiums reaching KSh 110.39 billion, a 17.7% increase on the same period last year.
The guarantee against capital depreciation and minimum return of 5% may help build confidence among savers concerned about inflation, market volatility and financial risk.
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