Octagon’s micro-pension solution MOBIKEZA has been recognised by the World Pension Summit Innovation awards 2020 for their communication and innovation engagement targeted at the informal sector.
Launched last year, MOBIKEZA is an innovative digital pension plan that gives workers in the informal sector with inconsistent income a flexible platform to save for their retirement with an added unique advantage of allowing one to make unlimited deposits through their mobile phones via USSD or an app while providing the same flexibility of access to the savings.
“This award is a testament to our efforts in continuing to innovate and provide solutions that meet the needs of all sectors. MOBIKEZA is a solution targeted to boost pension coverage for the informal sector that forms 35-50% of the economy in developing countries such as Kenya,” noted Octagon Pension Managing Director Godwin Simba.
“In the last year since we launched MOBIKEZA, we have seen an immense uptake of the product by the informal sector, students and even employees seeking to have an extra form of savings for retirement. Currently, we have 74,000 registered members saving on the platform,” he added.
The product sought to address needs of the informal sector that require a flexible and affordable product that will be able to show daily, monthly and yearly yields, in turn, boost the saving culture and guarantee comfortable life after retirement,”
Since its conception in 2010, the World Pension Summit Innovation awards aims at honouring great initiatives and proven solutions in pensions. The 2020 Innovation Awards sought pension funds that are using advancing technology to drive their pensions forward through investment, design, innovation, participation, communication or any way that may help drive successful outcomes. The summit, co-hosted by The Hague and World Gold Council among other sponsors, held the awards ceremony virtually due to the Covid-19 restrictions.
In addition to MOBIKEZA, Octagon Pension Services also prides itself in having the very first self-servicing pension system for clients, the Octagon Pension Administration System (OPAS).