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September 25, 2018

Lender eyes social pension to increase customer base

Postbank managing director Anne Karanja during a past event. /FILE
Postbank managing director Anne Karanja during a past event. /FILE

More than Sh201 million will be distributed to the elderly during the second phase of the Inua Jamii cash programme. It is expected to benefit more than 30,000 beneficiaries.

Postbank MD Anne Karanja said the bank has embarked on a registration programme to net in more of the senior citizens who the government gives a bi-monthly Sh4,000 stipend. 

“The bank made payments to more than 30,000 beneficiaries during the two cycles and this number will increase further after registration of more in October 2018,” Karanja said. The government has registered 523,129 senior citizens for its cash transfer programme Inua Jamii, who receive their money through select banks, including Equity Bank,Kenya Commercial Bank, PostBank and Cooperative Bank.

‘Inua Jamii 70 years and above cash transfer programme’ was launched by the ministry of East African Community, Labour and Social Protection in July 2017 to deliver cash transfers of Sh4,000 per individual every two months starting January 2018 through active bank accounts.

Karanja has said there has been an increasing number of potential beneficiaries have opened accounts between February and August 2018.

 

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