Zamara to manage Malawi public service pension fund
Pension fund administrator Zamara Group has inked a deal to manage the Malawi public service pension fund.
Zamara Group, which manages Sh300 billion pension funds for 170,000 Kenyans and operates in six other African countries said it would replicate its Kenyan model in Malawi.
Zamara acquired a majority stake in a pension fund administration business in Malawi last year called Axis Pensions, a business which had been in operations for more than eight years.
“We see great scope in a country like Malawi which has a compulsory pension system and are looking forward to making a positive contribution to the pensions sector in Malawi by providing innovative yet simple pension solutions,” said Zamara chief executive Sundeep Raichura.
Local media reports estimated the pension deal at Sh80 million or 556.8 million Malawian kwacha.
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