Kenya’s Pensions Industry Grows as NSSF Reforms Take Hold

Kenya’s pensions sector recorded 12% asset growth in 2023, reaching Ksh1.8 trillion, driven by NSSF’s new universal coverage model. Over 1.2 million informal workers joined the scheme through the NSSF Mobile App, which allows voluntary contributions from Ksh200/month. The Retirement Benefits Authority (RBA) reported improved governance and reduced fraud. However, low contribution levels threaten long-term adequacy. The government is considering mandatory enrollment for gig workers. With an aging population, experts urge higher investment in infrastructure bonds to generate stable returns. The sector now covers 6.5 million Kenyans—still below the 15 million target.