In the ongoing efforts to increase financial inclusion in the country, Zamara Group CEO Sundeep Raichura has urged the sector players to take up the roles of financial inclusion, training, and capacity building in a bid to increase insurance penetration in the country.
Mr. Raichura made the call during a visit to the North Rift Region of Eldoret and Kericho Counties together with the Kenya National Federation of Jua Kali Associations.
Mr. Raichura stated during a financial inclusion training for North Rift region Jua Kali sector members aimed at instilling confidence in individuals and groups within the informal sector to take advantage of modern risk management methods as well as reinforcing the implementation of retirement benefits to the forgotten millions of Kenyans, “Life when you no longer have the ability to work can be especially difficult for people who were used to receiving some solace.”
On his part, Richard Muteti, CEO, Kenya National Federation of Jua Kali Associations, said, “Saving is something most of our members do not think about very often. Some of us might be putting money in a bank account or any other financial institution, but few are able to consistently save. This is because we live in an increasingly expensive world, and we have to spend a lot of money just to get by.
Our members need to be educated to start thinking more seriously about their futures. When we do, we’ll see that it’s not that hard to put money aside every month. Even small amounts can grow into a nice little nest egg. And that nest egg can help us to provide better lives for ourselves and our loved ones during our sunset years.”
According to Mr. Raichura, the insurance industry has a vital opportunity to reduce inequities and help Kenyans earn a better income in their own lives. One of the biggest challenges facing Kenya today is the lack of access to affordable and reliable insurance. This has led to the prevalence of financial exclusion, which has a negative impact on the quality of life of individuals and families.
Mr. Raichura concluded by stating that “We want to talk about the importance of saving in order to properly plan for old age, how even small amounts put aside with some regularity can grow into a nice little nest egg; and also how we need to start thinking more seriously about our futures so that we can provide better lives for ourselves and our loved ones as well.”
In 2021, Zamara inked a partnership with the National Federation of Jua Kali Associations as well as the United Boda Boda Association to drive financial inclusion with the promise of bringing together the informal sector and creating a savings culture in the country.