Sanlam Life and Minet Kenya have launched an innovative post-retirement insurance product dubbed RetireMed, which is designed to assist Kenyans to save for their medical expenses in retirement.
The product will provide medical insurance coverage for insurance consumers aged 55 years and above, allowing them to maximize their pension benefits.
RetireMed is set up within the Minet Umbrella Pension Scheme and is underwritten by Sanlam Life insurance. As such, it is fully regulated by the Retirement Benefits Authority, which guarantees that the contributions are eligible for applicable tax reliefs.
Speaking during the launch, Retirement Benefits Authority CEO, Mr Nzomo Mutuku lauded the introduction of the product in the market as it addresses a clear gap from a retiree’s perspective, which is access to quality healthcare in the golden years.
“Additionally, the flexibility of RetireMed to accommodate any individual including the informal workers is in line with the RBA Strategic Plan 2019-2024 with a focus on of bringing more individuals in the informal sector under a retirement benefits scheme. It also plays a key role at a macroeconomic level in securing national savings mobilized through the pensions sector.” Mutuku said.
Sanlam Life Acting CEO Mr Kevin Mworia noted that the product development was informed by Kenya’s life expectancy rate which has been increasing consistently since 2015, as such, the number of retirees in the country are also on the rise.
He added: “The product will be reflected heavily on the Sanlam distribution avenues and delivery channels which will also be anchored on our innovative information technology solutions including biometric identification.”
Minet Kenya Managing Director Mr Sammy Muthui on his part noted that: “The contributions are inclusive and can target a specific level of medical cover at retirement. Members can choose various outpatient and inpatient covers that best meets their needs, and we will be able to advise on the required regular contributions.”
He added that “Contributions into the RetireMed Fund will be invested separately from the assets of the Umbrella scheme. This investment strategy will be relatively lower risk, to ensure that the contributions are not exposed to a lot of volatility in the investment markets.”
Alternatively, the member’s accumulated funds would be transferred to a medical drawdown fund. Payments would then be made from this fund until it is exhausted or the member passes on.
Also, upon retirement, members can transfer up to 10% of their accumulated pension benefits to the RetireMed, to enable them to purchase their preferred level of cover.
Statistics show that less than 10% of people retire financially independent. There are many reasons for this, one being that when saving for retirement, people underestimate how much they’ll have to pay for medical expenses during their retirement years.
In a research note released late last year by the Association of Kenya Insurers (AKI), majority of the respondents to the AKI Kenya Retirement Preparedness Survey2019 confirmed that they were not ready for retirement. Only 29% of the respondents felt that they are well prepared for retirement.
The AKI Kenya Retirement Preparedness Survey 2019 established that the rural population was more prepared than the urban population while the female gender reported being more prepared than the male.
![Canon’s RF/EF lens production exceeds 170 million units, extending its world record in interchangeable lens production Both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume Canon Inc. announced that, in October 2025, Canon reached a historic milestone of producing a cumulative total of 170 million RF and EF interchangeable lenses for its EOS series, extending its world record for the highest number of interchangeable camera lenses ever produced. The EF lens was introduced in 1987 as the dedicated lens system for Canon’s EOS autofocus single-lens reflex film camera, debuting simultaneously with the EOS system itself. Since their inception, EF lenses have led the industry by incorporating a series of world-first technologies, including the Ultrasonic Motor (USM), Image Stabilizer (IS) technology, and a multilayered Diffractive Optical (DO) element, and have undergone numerous evolutions. In 2018, Canon launched the RF lens series, designed for the EOS R mirrorless camera system, which features a large aperture, short back focus, and high-speed communication system to deliver even higher image quality. The RF and EF lens series lineup now includes a total of 108 models , covering a wide range of focal lengths from ultra-wide 10mm to super-telephoto 1200mm. The series also includes the world’s first VR lens lenses with built-in power zoom suited for video shooting, and even those compatible with power zoom adapters—expanding the scope of creative expression and meeting the diverse needs of users for both still photography and video. EF lens production began at Canon’s Utsunomiya Plant in 1987. Since then, both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume. Today, Canon manufactures lenses at five sites: Utsunomiya Plant; Canon Inc., Taiwan; Canon Opto (Malaysia) Sdn. Bhd.; Oita Canon Inc.; and Miyazaki Canon Inc. Milestones include 10 million units produced by 1995 and 50 million by 2009. Then in 2014, Canon became the first company in the world to reach 100 million interchangeable camera lenses produced. In October 2025, the company reached 170 million units, leading to the achievement of this world record. The 170 millionth lens produced was the RF 70-200mm F2.8 L IS USM Z. Canon has maintained the No.1 global market share for digital interchangeable-lens cameras for 22 consecutive years since 2003. Moving forward, Canon will continue to refine its proprietary imaging technologies and further strengthen and expand its lens lineup, pioneering new imaging possibilities and contributing to the continued evolution of photographic and video culture. Highlights in the development of the RF/EF Lens Series The EF lens, which was introduced alongside EOS in March 1987, has adopted a variety of world-first technologies, including Image Stabilizer (IS) technology, featured in the EF 75-300mm f/4-5.6 IS USM released in 1995; a multilayered Diffractive Optical (DO) element, used in the EF 400mm f/4 DO IS USM launched in 2001; and Subwavelength Structure Coating (SWC) [7], applied to the EF 24mm f/1.4L II USM released in 2008. In 2021, Canon launched the EOS VR System, a VR video system consisting of a mirrorless camera [8], dedicated lens, and PC software, thereby creating a 3D 180° VR video through an interchangeable lens camera. In 2024, Canon began rolling out a new series of hybrid lenses equipped with iris rings, designed to meet the needs of both still photography and professional video production. For zoom lenses, the company has also launched RF 24-105mm F2.8 L IS USM Z and RF 70-200mm F2.8 L IS USM Z which are compatible with power zoom adapters. For single focus lenses, the company released F1.4 L hybrid prime lens series that unified the size and ring and button position across models. In September 2025, Canon launched RF 85mm F1.4 L VCM, the fifth model in this series, demonstrating that it can meet demands in line with the changing times. [1] Includes EF, EF-S, EF-M, EF Cinema, RF, RF-S, and RF Cinema lenses and extenders. As of October 21, 2025 (according to a survey by Canon) [2] Among SLR cameras (according to a survey by Canon) [3] Number of products sold as of October 22, 2025 (including extenders). The number of lens models for sale is different according to market figures. [4] Focal length is 5.2mm to 1200mm when including VR lenses [5] An interchangeable digital camera lens that enables VR footage with a single camera. Among interchangeable lens digital cameras released as of October 5, 2021 (according to a survey by Canon) [6] Refers to unit share (according to a survey by Canon) [7] A special coating with advanced anti-reflective properties [8] For applicable cameras, please visit the official Canon website *Release dates in this document refer to dates in Japan. Canon Central and North Africa (CCNA) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region - by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market. Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa. Canon’s corporate philosophy is Kyosei – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.](https://businessinsights.africa/wp-content/uploads/2026/05/1.-Canon-EOS-R50-Mirrorless-Camera-for-Beginners-1024x764-1-100x70.jpg "Canon makes history with 170 Million lenses milestone")
