Zamara Group has partnered with the Kenya National Federation of Jua Kali Associations (KNFJKA) to kick off a mass rollout of the Fahari Retirement Plan across the country.
This comes on the back of successful pilot programs across Nairobi, Machakos, Kiambu, Nyeri and Kisumu counties. Through the pilot, Zamara was able to enroll around 10% of the registered Jua Kali members in various associations as Fahari members.
In November 2021 , Zamara Group and Kenya National Federation of Jua Kali Associations signed a Memorandum of Understanding to drive financial inclusion to the informal sector to enable saving and protection from old-age poverty and pertinent risks that come along with the life cycle of the average Jua Kali worker.
Fahari Retirement Plan is an innovative individual retirement solution targeted to the individuals within the productive age of the population to save for their future, the majority of whom are active in the informal sector.
The mass rollout program will kick off within the 17 Nairobi sub counties and shall be expanded to the remaining 46 counties.
Zamara Group Chief Executive Officer, Sundeep Raichura, had this to say, “Through the pilots, we have learned a lot about the needs of the Jua Kali sector members and are confident that our suite of integrated digital financial solution we are offering, that includes financial literacy, goal-based savings and insurance solutions, shall help transform the sector and inculcate a savings culture among members, Mr Raichura.”