Kenya. Zamara launches retirement insurance plan for boda boda riders
Zamara Group, a financial services provider, has entered into a partnership with the United Boda Boda Association of Kenya. The partnership agreement aims to bring financial security to close to 2 million Kenyans within the Boda Boda sector through its Fahari Retirement Plan.
The partnership will kick off with rollout of pilot programs on retirement saving, pensions and insurance acceptance within the sector, training and mass rollout to facilitate adoption. Fahari ya Boda Boda is tailored to the specific needs of the sector with other insurance solutions such as Last Expense cover embedded within the plan.
Each of the close to 2 million members of the Association can open their secure Fahari ya Boda Boda pensions and insurance account linked to their national ID in less than 2 minutes. This process is completely automated, and can be also accessed by a simple feature phone on USSD or on WhatsApp. Members can contribute any amount at any time any channel, view statement, make ad hoc contributions, no penalties, daily interest, access if need be.
Fahari ya Boda Boda further allows the sector members to save and build up a savings pot of money for their future financial needs. The more you save into your account, the more it grows. The accumulated savings are returned to you as a lump sum or a monthly pension at the point of exit.
Read more @Hapa Kenya
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