Alexander Forbes has today re-branded to Zamara with a promise to bring a fresh perspective to financial services. Zamara promises well designed solutions that are current and inclusive for Kenyans.
The re-brand follows change of ownership whereby Alexander Forbes Group of South Africa has reduced its stake in the financial services provider. Ownership of Zamara is now majority Kenyan investors, with the leadership remaining unchanged. The Board chairman is still Michael Waweru, Sundeep Raichura remains as Group CE and James Olubayi as Executive Director of the company.
Zamara has huge plans for the African regions, with work in progress to spread their presence to Nigeria, Rwanda and further East, West and Southern Africa. Insurance penetration is very low at 3% and this is not unique to Kenya, rather other countries as well with the exception of South Africa. That shows that there’s a lot of room for sourcing new clients.
“We understand the importance of promoting a savings and protection culture in Africa and empowering individuals and businesses through innovative, yet relevant financial and insurance solutions that meet their needs,” said Mr. Raichura at the re-brand.
— Shiko-Msa (@Shiko_Msa) August 23, 2017
The 24 year old company is no small player in the financial services market, with assets worth 240 Million. It serves 160,000 Kenyans, which translates to a third of all pension holders. Zamara Kenya has a product portfolio that includes financial services like insurance consulting, investment consulting, retirement benefits consulting, death and disability benefits and healthcare benefits among many others. The company also has products like political risk and terrorism insurance and crop and livestock insurance to guard against business interruption.
The Trade and Industrialization CS Mr. Adan Mohammed was present at the rebrand event at Intercontinental Hotel where he noted that the average Kenyan invests around 20% to pension. He urged employers to have their employees in retirement benefits schemes to cushion them against poor quality of life in old age.