Octagon Africa scooped an award in the digital transformation category for being a Top 100 mid-sized company for the year 2022 in recognition of its efforts in the digitization of retirement savings.
Digital transformation, in line with our 2020-2024 strategic plan, means adopting a digital-first mindset to improve business processes, streamline operations, and drive greater product adoption and shareholder value. Digital transformation removes silos between the digital and the real world, improving customer experiences, efficiency, and data utilization to enhance the business’s competitive advantage. For many businesses, it can mean the difference between becoming the market leader or becoming obsolete.
“Analysts expect investments in the retirement benefits digital transformation to reach the billions of shillings by 2023, capturing the majority share of information and communications tech expenditures. We have seen the benefits of investing in digital transformation as happy customers become loyal customers who become cheerleaders for our business and share positive experiences with their networks,” said Octagon Africa Group Chief Executive Officer Fred Waswa.
“Through digital transformation, we have seen increased trust and confidence in our services, easier access to information about our products and services, overall customer experience through the automation process for our customers, and higher employee productivity at work due to better internal processes,” he added.
Octagon Africa has heavily invested in technology with various innovations such as Mobikeza, its micro-pension saving solution to encourage more pension savings from the informal sector, which was feted in the 2020 World Pension Summit Innovation Awards for its innovation. In addition, we have invested heavily in a multi-country robust, and versatile pension administration system with over KES 100 billion in funds under administration.
“To deliver value to our members, we collaborate with trustees, custodians, and fund managers to increase our service delivery with a vision of achieving real-time on-boarding of customers, deposits, statement requests, and end-to-end online benefits for the online withdrawal process,” said Waswa.
The digital transformation has been implemented across Kenya, Uganda, and Zambia.
Octagon has been previously recognized in the Top 100 Club in 2018 and 2019.