The CEO of the Kenya Benefits Authority of Kenya (RBA), a government body overseeing retirement benefits schemes, has said that pensions will wait and see how new investments like bitcoin pan out before considering them.
Speaking during an event organized by Absa Bank, one of the leading banks in Kenya, Mutuku said that the conversative nature of pensions limits them into investing in ‘risky assets’ and they will likely be among the last to invest if they eventually do.
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RBA is a government body governed by the Kenya Retirement Act mandated with:
- Regulate and supervise the establishment and management of retirement benefits schemes
- Promote the development of the retirement benefits sector
- Advise the Cabinet Secretary, National Treasury on the national policy to be followed with regard to retirement benefits industry
- Implement all government policies relating to the industry
According to Mutuku, retirement benefits take very calculated risks and are more aligned towards investing in more stable assets. As a result, the authority will likely wait for others players to get in before it can consider such newer forms of investments.
This statement comes amidst the fact that institutions globally now account for over 3% of all bitcon holdings with this figure growing exponentialy in 2021.
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RECOMMENDED READING: [WATCH] We are Keen to Explore Blockchain Technology to Secure Unclaimed Assets Data, Says UFAA Kenya
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