Octagon Africa partners with Forbes in pension plan

A new strategic partnership has been entered under which Octagon Africa will serve Alexander Forbes multinational clients with a presence in Kenya.

The Retirement Benefit Plan, a partnership between Octagon Africa and Alexander Forbes will now see more people in the informal sector take up the pension administration plan

Alexander Forbes Group Holdings, commonly referred to as Alexander Forbes is headquartered in Johannesburg, South Africa, with a presence in six other countries on the African continent.

The group is a diversified financial services organisation providing a broad range of retirement, consulting (including healthcare), asset management, insurance and wealth management solutions to both corporate and individual clients to create, grow and protect their wealth and assets, helping them secure a lifetime of financial well-being and security.

This strategic partnership comes after Alexander Forbes' review of its strategic business and operating model in March 2019, and to exit emerging markets and strategically reposition with credible partners to deliver and support their clients operating in the specific country.

"The partnership allows us to benchmark on global practices while aligning to the local regulations and be able to offer standardised services in these countries," Octagon Group CEO Fred Waswa said at the launch on Tuesday.

"Through this strategy, we have a platform to work with a network of partners while maintaining the ability to deliver excellent service and solutions to our clients throughout the continent," Waswa added.

Octagon Managing Director, Godwin Simba also observed that there has been growth in the number of members and that the numbers are only expected to go higher given that most of the Kenyan population are in the informal sector.

"The growth of Members under Administration has grown over the years and now we administer over 130,000 members and over 200 corporates under with a fund valued at Sh. 100 Billion," Simba said.

Octagon is a financial institution providing employee benefits services, property management, insurance brokerage and training for the public and private sector organisations.