Benard Sigei

Britam has tapped Cellulant to offer mobile-based investment solutions in  a bid to increase investment and insurance penetration in Kenya.

The partnership aims to provide users in Kenya with a smooth digital platform to access savings solutions and investment on flexible savings. 

“We are delighted to partner with Cellulant to offer excellent customer experience enabling them to use their mobile phones to save towards their investment goals,” said Eva Kimani, Britam director partnerships and digital.

Kimani noted that the deal with the 17-year old digital payments company is part of it’s strategy to build strong digital growth for businesses and deliver customer-centric digital transformation leveraging technology.

Customers can make regular contributions from as low as Sh200 daily, weekly, or monthly, and comes with no upper contribution limit.

“We are excited to partner with Britam and provide a digital payments platform where customers can access meaningful investment solutions anywhere regardless of their income,” said Faith Gitonga, Cellulant  country manager for Kenya.

Investment deals

She said the partnership’s intent is to enable users to plan and track their goals.

This includes saving for a child’s education, business or for investment purposes.

Customer demand for open mobile wallets has increased significantly over the last few years driven by the growth in mobile money and greater access to internet-enabled mobile handsets.

According to recent reports, Kenya’s gross savings rate was measured at 5.4 per cent in 2019 compared with 5.3 per cent the previous year. 

Britam was selected after winning a proposal last year to develop new and innovative property insurance solutions for the low-income and underserved market segments.

The call for proposals was jointly issued by the International Labour Organisations’ impact insurance solution.