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‘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.

Joining/ Registering for Usitupe Mbao Pension plan
Members join the program by paying Ksh.100/$0.82 registration fee, after which, they commit to paying Ksh.100/$0.82 per week (translated to Kshs.20/$0.25 per day in five days, Monday to Friday). Payments can be made via Airtel Money or Mpesa mobile payments systems, other modes of payments are expected to be introduced later. The funds raised by members will be managed and invested on their behalf by service providers appointed by Mbao Trustees and approved by the Retirements Benefits Authority (RBA). Other firms in Kenya using mobile money transfer for their services include Dstv Kenya, Virgin Atlantic/British Airways and Kenya Power Company. Current service providers for this program include;
  • Corporate Trustee: Kenya Commercial Bank (KCB) Group
  • Investment Managers: Co-op Investment Services limited
  • Custodians: KCB Group
  • Administrators: Eagle Africa Insurance Brokers limited
Saving Via Mpesa
  • 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.
Saving Via Airtel Money
  • 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.

71 COMMENTS

    • What is the procedure of making withdrawals online during the pandemic? I would like to do a partial withdrawal and have the funds deposited to my M-Pesa account.

  1. kindly give us clear procedures of withdrawal cos sometimes one is in ksm or even Mombasa,and traveling to nrb to fill a withdrawal form is costly and hectic………we pay through the phone so why is it hard to send my cash back after notifying the office i want to withdraw?

  2. Comment:I want to widthraw my money to enable me attend other pressing matters and I have been a member for more than 4 years.what’s the procedure.

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