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Diaspora and Expatriates Fund
Enjoy professional expertise in find management on your returns.
What is Diaspora and Expatriates Fund?
This is a retirements savings fund aimed to provide a saving and investment solution for the diaspora community both within and out of the country.
The Enwealth Diaspora and Expatriate Fund is established through an irrevocable trust sponsored by Enwealth Financial Services Limited and registered by the Retirement Benefits Authority and Kenya Revenue Authority. The Diaspora Fund provides a credible and tax efficient vehicle for corporates looking to provide pension for employees based in different countries within Africa, individuals expatriates working in Africa and Kenyans in the diaspora looking to save for their retirement.
The Diaspora Fund is a Qualified Recognized Overseas Pension Scheme by HM Revenue & Customs of the UK government and registered by the Retirement Benefits Authority of Kenya. The Diaspora Fund allows a client to invest in a USD or GBP or KES investment account.
Fund investment risk profile.
Your account will be based on the investment risk profile chosen i.e. Fund A, Fund B or Fund C.
You will start contributing through the registered custodian remittance platform.
Fund A
Your subscriptions of contributions in this fund shall be deemed to be of low investment risk profile as defined in the investment policy e.g. fixed income securities
Fund B
Your subscriptions of contributions in this fund shall be deemed to be of moderate investment risk profile as defined in the investment policy e.g. fixed income securities and equities
Fund C
The subscription of contribution shall be deemed to be of high investment risk profile as defined in the investment policy eg. equities.
How it works
For an individual member, we will require you to complete an online application form stating your contribution amount, frequencies. weekly; monthly; quarterly, currency of choice and risk profile.
There are three investment profiles namely: Low, where the fund assets are interest bearing securities; Medium, where the fund assets are a mix of interest bearing securities and equities; and High, where fund assets are predominantly equities.
The fund is invested by a professional fund manager who offers periodic performance update. Further, the fund is audited annually and clients receive a statement showing their contributions and investment income earned. Your savings can be tracked on Enwealth online portal and mobile application.
For corporate accounts, we shall require the HR/Finance to deduct contributions at source and remit funds to the custody account whilst sending Enwealth a corresponding schedule allocating the amount to the individual members within the organisation.
Registration & Governance of the Fund
The fund is established through an irrevocable trust by the Founder Enwealth Financial Services Ltd.
For the purposes of tax exemption, the scheme is registered with both the Retirement Benefits Authority (RBA) and Kenya Revenue Authority.
The find assets shall be in a nominee account off the balance sheet of the founder's assets as required by the Retirement Benefit Act.
Service providers appointed by the trustees support the Board of Trustees on delegated duties as provided within the provisions of the RBA Act.
Customer Journey
We are committed to ensuring the highest level of customer satisfaction through continuous customer engagement, responsiveness to customer feedback and maintaining regular communication with our customers.
We have a dedicated client service and training team which ensures delivery on member engagement through online access tools, one on one consultation with a financial advisor, executive personal financial coaching and group trainings on personal financial management.
We guarantee our customers the following in our service level standards:
Annual member education
eNewsline- a quarterly electronic magazine that provides an update on scheme issues and informative articles
Bi- annual meetings with the management committee nominated by the organisation
Bi- annual meetings with the management committee nominated by the organisation
Financial wellness forums/help desks- providing one on one advisory services for members approaching retirement
Benefits of the Diaspora and Expatriates Fund
Cost efficient investment platform.
Mortgage access through pension guarantees.
Frequently Asked Questions
Who are the target group?
- Kenyans workings in the diaspora.
- Expatriate working in Kenya from other countries.
- Expatriates working in Africa from other countries.
What are the joining requirements into the Fund?
- AML should be confirmed by the member.
- Account should be with registered Custodian Bank by CBK.
- The member should declare source of funds.
- The member should confirm investment fund and risk profile.
- Member should complete online application form and nominate the next of kin and beneficiaries .
What is the minimum investment amount?
- Kes. 120,000 per annum per fund.
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