Sanlam introduces Akiba Plus, a tech-driven pension solution for flexible retirement planning

The new mobile-first 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 period under review (Q2 2025), the long-term (Life) insurance business reported gross written premiums of KES 110.39 billion, representing a 17.7% growth compared to the same quarter in 2024. 

Speaking when she confirmed the launch of the new Sanlam Akiba Plus, 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.

She further affirms, “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 Life, a member of the Sanlam Kenya Group, is actively working to promote financial inclusion and accelerate national savings through pensions products in Kenya by delivering digital solutions that empower individuals and businesses to take control of their financial future.

“The development of Sanlam Akiba Plus underscores the wider commitment and investment by Sanlam Kenya to enhance the delivery and distribution of insurance products through robust digital platforms,” Dr Patrick Tumbo EBS, Group CEO, Sanlam Kenya said. 

He added, “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.”

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.

To meet the diverse retirement needs of individuals, groups and businesses, Akiba Plus brings together 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%. The scheme’s assets will be managed in accordance with the Trust Deed and Rules, Investment Policy Statement (IPS) and the Retirement Benefits Act.

This article is published in partnership with Sanlam Kenya.