NICO Pension is a trusted pension administrator to a number of companies, organizations and statutory corporations in Malawi. The company is owned by NICO Life Insurance Company Limited, a leading provider of Group and Individual Life solutions and a member of NICO Holdings Limited. NICO Holdings Limited provides products and services for general insurance, life insurance and pension administration in the corporate and private sector of Malawi; with interests in banking, asset management and information technology services.
NICO Holdings Limited operates in Malawi, Zambia, Tanzania, Uganda, Mozambique and Zimbabwe. It was established in 1965, and was the first general insurance company to list on the Malawi Stock Exchange. Its general insurance division covers segments that range from personal accident and household insurance to construction, engineering, professional indemnity, marine hull and cargo, fire and loss of profits.
NICO Holdings Limited also offers insurance for individuals and corporate clients which includes endowment assurance and savings protection. The company has a corporate banking division offering standard products and services, as well as solutions for foreign exchange, investment management and women business programs. NICO Holdings Limited has invested in providing technology services to clients, including software and Internet systems and communication solutions, card technology and surveillance systems. NICO Holdings Limited is listed on the Malawi Stock Exchange.
Enterprise Trustees Limited (ETL) is part of the Enterprise Group, a blue chip Financial Services company listed on the Ghana Stock Exchange. ETL is a collaboration between Enterprise Group and Sanlam Group of South Africa and has been established to provide trustee services within the framework of the National Pensions Law, Act 788 of 2008, Ghana. Enterprise Trustees Limited is the leading private pension administrators in Ghana. It is the leader in Ghana pension industry with 28.5% of the market share and assets.
ETL uses FundMaster whose systems architecture, technology and functionality gives it the ability to manage the multi-tier pension environment envisaged by the Act in an efficient and effective manner. They were adjudged the 2019 Corporate Trustee of the Year at the 31st Chartered Institute of Marketing Ghana (CIMG) Annual Marketing Performance Awards in Accra. You can read more on the award here.
Bencon grew out of African Life Financial Services Zambia Limited (Aflife). As the largest privately owned wealth-management company in Zambia, Bencon have always taken their fiduciary responsibilities as a custodian of Zambia’s long-term savings extremely seriously.
They provide best industry practices to the independent management & administration of savings originating from life assurance, pension & provident funds, large corporate & individual savers alike through; Service excellence at all levels; Sound and professional advice; Superior investment performance; Cost efficient delivery and Generation of diversified investment portfolio.
They manage over K304million assets and administer pension schemes for over 162 employers with close to 50,500 individual members. Service excellence is achieved through the FundMaster Pension Administration System integrated platform.
UAP Holdings is one of the leading insurance and financial services companies in East Africa, with its headquarters in Nairobi and a network of branches across Kenya. Regionally, UAP Holdings are now the second largest insurers in Uganda and first foreign underwriter in Southern Sudan. As a third party administrator of pension funds, UAP provides pension products that include;
- Individual Pension Plans
- Pension Annuity
- Platinum Drawdown
- Umbrella Schemes
This pension products being different and complex require a sophisticated system to configure and manage, a function that FundMaster performs with ease.
The Kenya Power Pension Fund (KPPF) provides retirement benefits and pension for all permanent and pensionable employees of Kenya Power. FundMaster provides the Fund with the requisite platform and technology to manage an integrated operation the has the following advantages;
- Integration between benefits administration, accounting and investments allowing for seamless flow of information between these functions
- Robust and highly parameterized system easily adopts to the unique pension rules of the fund
- Member self-service portal allows for members to access most of the information they need about their pension through their mobile devices. This means better service delivery to the members and saving time for the office, time that is better utilized on value enhancement.
With over 10,000 members in both defined Benefits (DB) and Defined Contribution (DC) Funds and over Kenya Shillings 10 billion in assets, KPPF is undoubtedly one of the largest pension funds in Kenya. The scheme provides various benefits to its members including retirement on medical grounds, death in service, early retirement, normal retirement, withdrawals and resignations. Further, the Fund administers many types of investments like commercial and rental properties, bonds, equities, government paper, all managed using the system.
The Government Employee Pension Fund is the largest retirement benefits fund in Tanzania. Catering for government employees, it has over 160,000 members being served from 11 regional centers around the country.
GEPF operates both compulsory and voluntary schemes covering a wide range of members from formal to informal employment. The main functions of the Fund, all managed through FundMaster Xi, include;
- Member registration
- Collection and management of contributions
- Investment of contributions and management of the investments
- Benefit processing and payment to members
Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance and Pension, Asset management, Banking and Property.
Britam’s aggressive growth strategy, including regional expansion involves going into new market segments and product diversification. To execute this strategy, Britam has invested billions of shillings in an IT driven business transformation project whose goal is to automate operations and improve customer experience.
FundMaster Xi is the IT platform of choice for its retirement benefits and pension administration business. When completely installed, the system is expected to make Britam more customer centric, as it focuses on delivering value, advanced analytics and real time systems that make interactions faster and more efficient.
“If we consider the insurance industry in Kenya, historically, it hasn’t been known to be tech-savvy. It hasn’t done well when it comes to leveraging IT or using it innovatively, unlike other players in the financial sector, such as banks. But this is bound to change when this project is fully implemented,” said Maina.
With the increased uptake of technology and mobile penetration across sub-Saharan Africa, Maina believes the online insurance and pension market is going to be the next big thing, offering customers their preferred products at the click of a button.
The Mukuba Pension Scheme is the leader and the oldest occupational pension scheme in Zambia having been created in April 1982 primarily to serve the occupational pension needs of the then Zambia Consolidated Copper Mines (ZCCM) employees.
Mukuba Pension administers two Schemes; Defined Benefit and Defined Contribution schemes. Over the years, the Scheme has been rebranded and opened up to carter for all mining and related sectors.
With their experience in the industry, Mukuba Pension Scheme has become the Pensioner’s most preferred scheme administrator. Mukuba Pension is resilient, buoyant and prudent in pension administration.
By employing FundMaster, Mukuba brings a fresh and innovative approach to pension services. Their GOAL is to exceed the expectations of every client by offering outstanding customer service, increased flexibility and greater value, thus improving operational efficiency in the way they process pension.