Old Mutual Life Assurance Kenya (OMLAK) has revamped its life and savings solutions to strengthen long-term savings, education planning, and financial security among Kenyan households.
The revamp comes as access to financial services in Kenya is high, but many households still struggle to turn that access into sustained savings for long-term goals.
According to the 2024 FinAccess Household Survey, conducted by the Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics (KNBS) and FSD Kenya, formal financial access rose to 84.8% in 2024, up from 83.7% in 2021. However, Old Mutual’s 2025 Financial Wellness Monitor shows that access does not necessarily translate into consistent saving. While 91% of working Kenyans surveyed have a savings goal, 40% reported dipping into their savings to meet everyday expenses.
The findings point to a growing need for structured savings solutions that help households stay focused on defined goals such as education, home ownership, family security and other long-term financial priorities.
Old Mutual Life Assurance Kenya Managing Director Martin Karenju said the findings highlight the need for financial solutions that respond to both the long-term ambitions and immediate financial pressures facing households.
“Kenyans clearly want to save and build a better financial future, but they are doing so while managing significant pressures today. Our responsibility is to provide solutions that help customers balance today’s needs with tomorrow’s ambitions,” said Karenju.
The upgrades strengthen Old Mutual’s existing propositions in response to changing customer needs. The improvements include longer investment horizons of up to 20 years in selected propositions, revised charges and surrender terms in the customer’s favor, higher guaranteed maturity values and adjustments to benefits supporting longer-term education planning.
Old Mutual Group CEO Arthur Oginga said the changes reflect a broader shift towards understanding the financial goals customers are seeking to achieve, rather than approaching each need as a separate product conversation.
“A customer does not necessarily wake up thinking about an insurance or savings product. They are thinking about paying for their child’s education, buying a home, protecting their family or having enough money when they retire. We need to begin with that goal and then help them identify the solution that can get them there,” said Oginga.
The approach forms part of Old Mutual’s broader strategy to support personal growth and financial security by providing solutions that remain relevant as customers move through different stages of life.
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