ICEA Lion Group last week launched DigiTrust, an online money market fund that allows investors to create and track their investment goals online.
“DigiTrust is an innovation that enables individual savers and investors to deposit in and withdraw from ICEA LION’s Money Market Fund on a secure platform,” said Elizabeth Irungu, General Manager for Business Development & Client Relations .
The firm said the move is aimed at reaching out to more Kenyans to save and invest, increasing uptake of investment products.
Experts have often called upon insurance firms to embrace technology in an increasingly online economy.
DigiTrust requires a shortened 5 minute activation and requires an initial deposit of Sh500.
Through the self-service portal, existing customers will be able to deposit, withdraw their funds or view their statements.
ICEA LION Asset Management will kick off on this digital Unit Trust Fund journey with the Money Market Fund.
“Adoption of technology will enable investment sector players offer services at much affordable prices reducing the overall investment cost for retail investors and institutional investors,” said Geoffrey Odundo , CEO Nairobi Securities Exchange.
Odundo noted that access has been one of the key challenges to the uptake of personal investment schemes
The opening up of Unit Trusts to low denomination savings has resulted in the growth and increased popularity of Unit Trust Funds(UTFs) in Kenya, with Assets Under Management (AUM) of Sh66billion as at June 30, 2019, of which, 85 per cent is held in Money Market Funds.
Money Market Unit Trust Funds are the most popular UTFs in Kenya, with 85 per cent of the total AUM in UTFs being held in Money Market Funds.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]