Mbao Pension Plan

The RBA and the National Federation of Jua Kali Associations therefore collaborated to establish a suitable retirement benefits scheme that would cater for people in the informal sector. The "Mbao" Pension Plan was set up and was officially launched on 28 June 2011, for the Medium and Small Micro Enterprises (MSMEs) Sector and to help members of different Jua Kali Associations to save regularly to provide a long-term and reliable income when they retire from their jobs or business. The name "Mbao" refers to the amount - 20 Kenyan Shillings (KES) - which is the minimum daily contribution that members can make. Members can join and pay KES100 as a registration fee and then commit to saving at least KES20 a day, KES100 a week or KES500 a month.