‘Usitupe Mbao’ Pension Plan from RBA is paid via Mobile Phones
‘Usitupe Mbao’ retirements benefits scheme from RBA targets blue medium and small micro-enterprises (MSMEs) Jua Kali individuals from Kenya’s informal sector, where members pay their contributions using mobile money transfer services, in this case Mpesa and Airtel money. The mbao program is totally voluntary and is aimed to help members save for their retirements with a minimum of Kshs.20/$0.25 daily contributions (mbao is a popular phrase in Kenya meaning Kshs.20/$0.25). There are several insurers in Kenya with low minimum contributions; however, what makes the ‘Usitupe Mbao; Jipange na Mbao Pension plan’ stand out is the mode of payment. As of now, the number of Kenyan’s saving for their retirement is wanting, a case that’s replicated in the entire developing world as well as developed nations. The program gives members what most pensioners failed to achieve; saving for a comfortable retirement in an easy, affordable and convenient way.
- Corporate Trustee: Kenya Commercial Bank (KCB) Group
- Investment Managers: Co-op Investment Services limited
- Custodians: KCB Group
- Administrators: Eagle Africa Insurance Brokers limited
- load money on your Mpesa account
- Go to Mpesa Menu
- Choose Pay Bill
- Enter the Mpesa Business number 710710
- Under Account, Enter your National ID No.
- Enter PIN then Press OK and wait for confirmation SMS.
- Load Money to your Airtel Money account
- Go to Airtel Money Menu
- Choose to make Payments
- Pay Bill select Other
- Enter Business Name Mbao
- Enter the amount and PIN
- Under Reference, Enter your National ID No.