PenCom engages fintech to democratise pension contributions
National Pension Commission has engaged Awabah, a fintech, to democratise pension contributions by making inclusions practical, resilience and scalable for artisans and others that want to engage in weekly contributions.
National Pension Commission has engaged Awabah, a fintech, to democratise pension contributions by making inclusions practical, resilience and scalable for artisans and others that want to engage in weekly contributions.
An artisan can contribute weekly without leaving his workshop, farmers can monitor their balance in real time, a retiree will get benefits quickly and securely
Commission’s Director General, Omolola Oloworaran, said accredited pension agents like Awabah represent the future of pension distribution.
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The director general spoke at Awabah Resilience Mandate: “Building financial Resilience: Securing the future with Personal Pensions. She noted that ‘‘first movers do not wait for the future, they build it. Awabah is not merely participating in this reform. They are pioneering the nations progress because pioneers act.
“The reform is not only about retirement savings, It is also about jobs and economic opportunities, through the Accredited Pension Agent model, we will create new agents, thousands of livelihoods, thousands of young Nigerians trained as financial ambassadors, so pensions become more than savings, they become jobs today, income tomorrow, security for life.
‘‘Every agent empowered is employment created, every contributor enrolled is preventing poverty, every account opened is dignity secured.
“This vision aligns with the reform agenda of President Bola Tinubu that growth must be inclusive. Prosperity must translate into protection, because a strong economy means little if citizens grow old in fear. True development means dignity at every stage of life. Financial security in old age is not charity, It is justice and stability, she noted
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‘‘It is nation building, So, our mandate is clear.
“If 2004 secured pensions for the formal workers, this decade must secure pensions for the informal majority. We will move from millions to tens of millions, from exclusion to universality, from vulnerability to resilience through smart regulation, strong partnerships.Technology innovation, Optimal investment.
And pioneers like Awabah who are willing to lead, because regulators design the framework but pioneers deliver the impact.
My hope is that we have more pioneers in the weeks and months ahead”.
The Chief Executive Officer, CEO AWABAH, Tunji Andrews said AWABAH was driven by a single obsessive idea, that no African worker should be one mishap away from poverty, we saw the most productive workforce in the world skilled artisans, tireless traders, and vibrant creators who drives the Nigerian economy every day. Then we saw a gap, while their productivity was high, protection was nearly non-existent, this is us closing the gap.
