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What is a Pension Scheme?

A pension is a voluntarily saving for period of time, which matures at the time of retirement either from a formal or an informal employment. There are two universal pension schemes in Kenya: NSSF & Mbao Pension Plan.

for a long there has been one universal occupational Pension scheme (NSSF). It is an occupational because the employer contributes an equal amount as the employee. Mbao Pension Scheme was started in the year 2009 as an Individual Pension Plan (IPP) in order to take care of the informal sector, but due to public demand it is now opened to all Kenyans above 18 years and has ID or passport.                      


Is the scheme registered?

Yes, the scheme is registered by Retirement Benefit Authority (RBA) for the purpose of regulation and

Kenya Revenue Authority (KRA) in case of tax.


Who are board of Directors for Mbao?

Mbao Pension Plan does not have Board of Director. KCB is the legal owner of the scheme.

So Mbao has a corporate trustee as the board. Cop-trust Investment company a subsidiary of

Co-operative Bank is the fund managers, Eagle Africa Insurance Brokers are the Fund Administrator and Safaricom & Airtel are the money transfer platforms.


Services Providers.

Co-Trust Investment Services Limited a subsidiary of Cooperative Bank is the Investment Manager, 

Eagle Africa Insurance Brokers Ltd the fund administrators. Kenya Commercial Bank is both the

Trustee and the custodian Safaricom and Airtel money transfer platform.


Who is eligible to join Mbao Pension Plan?

All Kenyans are eligible to join the scheme as long as they are above 18 yrs old.


What are the requirements?

One requires a copy of National Identification card or passport and mobile phone registered with CCK,

while the 2 Passport photos are optional.


Is the Scheme taxable?

The Scheme enjoys tax exemption status by KRA and is not taxable at the point of exit unless it exceeds the maximum taxable limit.


What is the Minimum & Maximum savings

The minimum savings is Kshs 20/= per day, Kshs 500/= per month and Kshs 6,000/= per year.

There is no maximum savings, one can save as much as one can afford.


How frequent can one save?

Savings can be done daily, weekly, fortnightly, monthly, quarterly, seasonally, or yearly .Its upon the member to decide much he/she wants to save.


How much is transaction fee with M-Pesa?

Saving Kshs

Kshs Charges

0- 49






1000 & Above




Is there a Penalty?      No penalty in case of default.


12. How soon can I start saving?

Immediately, savings should start as soon as one fills the application form.


13. Does Mbao give mortgage?

      No, Mbao does not give mortgage. But can guarantee mortgage up to 60%


14. Is there a confirmation message?

There is no confirmation message to the members to start saving or to confirm membership etc.


15. How can a member access the benefits?

            A cheque by the trustee and processed within 30 days. No Mobile money transfer.


16. How do I know how much I have saved in the scheme?

Member is able to query the balance using a registered short code (22132).

Process: Write balance ID Number send to 22132


       17. How soon can I access my benefits?

The benefits can be accessible after a minimum of 3 yrs, 5yrs, 10 yrs, 20yrs etc depending on member’s age  

at entry. Mbao does not address emergency. Member MUST give enough time to process the benefits.


Can I transfer benefits from another Scheme into Mbao Pension Plan?

Yes, Get in touch with the Scheme administrator for more advice. In case of NSSF transfer can only be possible after the age of 55 yrs.


19. Does Mbao give loans?

Mbao Pension Plan does not give loans.


20. Will the saving earn interest and how much?

Yes, the savings are regularly invested and income will be credited to all Scheme members at the end of the accounting period i.e. after 31st December each year.


21. What happens in the event of death?

The members nominated beneficiaries will be paid the benefits that were due to the member at the time of death together with the accrued interest. Always the members are advices to indicate contact of their beneficiaries.


      22.  How  do I save  via MPESA?

1.      Load money to your mobile phone                        2. Go to Mpesa menu

3.      Choose pay bill                                                      4. Enter business No 710 710

5.      Enter account number - Your ID number              6. Enter the amount you want to save

7.      Enter Mpesa PIN Number                                      8. Say OK  

      23.    How do I save via Airtel Money?

1.   Load money to your mobile phone                                      2. Make payments

3.   Select others                                                          4. Enter business name Mbao

5.      Enter the amount you want to save                                     6. Enter Airtel PIN Number

7.   Ref your ID                                                           8. Say OK

Can we join as Group?

No? But the members of a group can join as individuals and the group can issue a one cheque for all the members and attach a list of names the members registered.



Employees can now opt to save there 6% share of their contribution with Mbao pension Plan in accordance with the new bill.

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