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Extending pension and savings scheme coverage to the informal sector: Kenya's Mbao Pension Plan

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  • Rose Musonye Kwena
  • John A. Turner

Abstract

The Mbao Pension Plan is a voluntary individual account savings plan to which all workers in Kenya may contribute without regard to income or age. It is designed to provide a programme that is suitable for the unique nature of the informal sector and to encourage a savings culture for those workers. The key innovation is that low‐income workers can easily make small contributions at relatively low cost, considering the small contributions and small account balances. Participants can conveniently make contributions anytime and anywhere using their cell phones. This savings innovation is made possible by technological innovations that have reduced the costs of cell phones and airtime, and by the entrepreneurial innovation of mobile money. The plan is provided through private‐sector businesses.

Suggested Citation

  • Rose Musonye Kwena & John A. Turner, 2013. "Extending pension and savings scheme coverage to the informal sector: Kenya's Mbao Pension Plan," International Social Security Review, John Wiley & Sons, vol. 66(2), pages 79-99, April.
    • Handle: RePEc:wly:intssr:v:66:y:2013:i:2:p:79-99
    DOI: 10.1111/issr.12010
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    Cited by:

    1. Adeabah, David & Asongu, Simplice & Andoh, Charles, 2021. "Remittances, ICT and pension income coverage: The international evidence," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    2. Stephen Devereux & Jose Cuesta, 2021. "Urban-Sensitive Social Protection: How Universalized Social Protection Can Reduce Urban Vulnerabilities Post COVID-19," Progress in Development Studies, , vol. 21(4), pages 340-360, October.

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