Founded in 2007, the company has grown into one of East and Southern Africa’s most established financial services providers, with operations in Kenya, Uganda, and Zambia. At the core of its strategy is a focus on inclusive financial solutions — particularly its flagship pension product designed to serve organisations often overlooked in the traditional retirement ecosystem.
Octagon Africa Financial Services Limited is marking 18 years in operation this month — a milestone that tells a bigger story about the state of retirement preparedness and financial inclusion across the continent.
Founded in 2007, the company has grown into one of East and Southern Africa’s most established financial services providers, with operations in Kenya, Uganda, and Zambia. At the core of its strategy is a focus on inclusive financial solutions — particularly its flagship pension product designed to serve organisations often overlooked in the traditional retirement ecosystem.
In a continent where millions of workers, especially in the informal sector and among low-earning migrants, remain outside structured pension plans, Octagon Africa says its mission has been clear: make financial dignity possible for all.
“Celebrating 18 years is not just a milestone,” said Fred Waswa, the Group CEO. “It is a testament to the lives we have touched, the futures we have secured, and the trust we have earned.”
Fred Waswa, the Group CEO
While Kenya’s pension coverage remains low — with less than 20% of the labour force enrolled in retirement schemes — Octagon Africa has positioned itself as a disruptor in the space, particularly through its Octagon Umbrella Retirement Benefit Scheme (OURBS).
Registered by the Retirement Benefits Authority (RBA) in 2014, OURBS is designed to bring small and medium-sized employers, even those with as few as three staff members, into the formal pension fold. Unlike traditional schemes, it allows employers to plug into a shared fund, bypassing the high costs of establishing a standalone pension.
In 2024, the umbrella scheme recorded a 13.8% return — a strong performance in a difficult economic year. It operates under a defined contribution model, blending both pension and provident elements for greater flexibility.
But the real strength of the scheme, Octagon says, lies in its alignment with regulatory reform.
Following Kenya’s NSSF Act 2013, employers are now required to remit both Tier I and Tier II contributions. The OURBS scheme allows employers to contract out of Tier II, meaning they can redirect those funds into the umbrella scheme — provided it complies with RBA’s licensing and governance requirements. This offers workers a potentially better return, and employers a more flexible structure.
The scheme’s structure is particularly relevant for the growing pool of migrant workers and informal sector employees who often move across borders or lack access to traditional pension plans due to the nature of their work. By allowing workers to choose between aggressive, balanced, or conservative investment portfolios, and by offering bundled insurance benefits, the fund provides a tailored solution for a diverse workforce.
“We do not just administer funds; we manage futures,” said Waswa. “We’ve built an ecosystem that integrates investment expertise, client education, and regulatory compliance to ensure long-term security for our members.”
The company’s strategy includes partnerships with leading players like Alexforbes Financial Services Limited of South Africa, and its asset management is handled through a multi-manager model — spreading risk and improving oversight.
Independent trustees manage the scheme under an irrevocable trust structure, ensuring full compliance with both the RBA and the Kenya Revenue Authority. That structure, Octagon says, gives clients an added layer of confidence that their contributions are safe and professionally handled.
With a growing population, rising life expectancy, and widespread economic uncertainty, Octagon Africa sees pensions not just as an optional benefit, but as an essential tool for social protection.
“A retirement benefits scheme is more than just a financial product. It’s deferred income that protects dignity — especially when age, illness, or circumstances make employment impossible,” Waswa said.
As part of its future ambitions, Octagon Africa is betting on technology to drive deeper access. Digital onboarding, interactive pension dashboards, and mobile savings plans are some of the tools the company hopes will attract younger contributors.
The broader vision, Waswa says, is to make pensions not just available, but understandable and accessible to every working African — including migrant workers, SMEs, and informal sector contributors.
“Our ambition is Pan-African,” he concludes. “But our impact is deeply personal. We’re not just building better pensions — we’re building better lives.”
