Nairobi, March 28 -- For nearly six decades, the National Social Security Fund (NSSF) has been a crucial component of social protection in Kenya as a contributory scheme that offers social security benefits to its members and their dependents once they hit retirement age.

However, a 2021 FinAccess Household Survey Report indicated that only 10.6 percent of households in Kenya have access to pension services, including NSSF.

This means that 89.4 percent of Kenyans lack a financial nest for their retirement, which poses the risk of old-age poverty.

Furthermore, a 2021 study conducted by FG Hermes indicates that Kenya's saving rate at 12 per cent which is way below Africa's average of 17 per cent.

The country is also way behind the 30 pe...