President William Ruto says Kenyans have so far saved Ksh280 billion in the last two years.

Speaking during the installation of a new Chancellor at the Co-operative University of Kenya in Karen, Nairobi, on Wednesday, April 1, 2025, Ruto said Kenyans had saved Ksh320 billion since independence.

“I undertook, to the people of Kenya, that I was going to change the saving culture and we are going to change the savings infrastructure in Kenya. Everybody used to pay NSSF Ksh200 (per month) until 2023, and it was okay. How is Ksh200 going to amount to a saving. Today, every Kenyan is saving six per cent of their salary and every employer is saving six per cent on behalf of their employees,” Ruto stated.

“From independence up to 2023, we saved Ksh320 billion, in 60 years. But in just two years (2023-2025), we have saved Ksh280 billion. By the end of this year, we will have doubled the money we saved in 60 years. By 2027, we will have saved Ksh1 trillion because we have made some bold decisions.”

Raila on saving

Speaking during the same function, Orange Democratic Movement (ODM) party leader Raila Odinga called on Kenyans to embrace the culture of saving, saying it is a path to wealth creation.

“Saving is very important in terms of wealth creation. When you save, you can be able to invest. You must make a deliberate effort to break that poverty cycle so that we develop as a society. We need to think outside the box,” Raila stated.

Early this year, the government started the implementation of the NSSF Act 2013, consequently increasing the monthly contributions for both employees and employers from a maximum of Ksh2,160 to Ksh4,320. 

The new rates were implemented in February 2025 as part of the third year of implementing the NSSF Act 2013. 

The NSSF Act 2013 mandates a gradual increase in contributions, with the ultimate goal of reaching a minimum of 12 per cent of pensionable pay, split equally between employers and employees.