The Director General of the National Pension Commission, Omolola Oloworaran, said Nigerians in the informal sector can now save for their retirement through Point of Sale terminals operated by Fintech.<\/p>\n
Oloworaran disclosed this in an event in Abuja on Monday, noting that the move is to boost the penetration of pensions in the country\u2019s informal sector, which currently stands at 0.25 percent.<\/p>\n
According to her, the Commission accredited its first pension agent, Awabah, to boost financial inclusion and help capture the majority of Nigerians in the informal sector into the country\u2019s pension ecosystem.<\/p>\n
\u201cWhat we should expect is pension penetration.<\/p>\n
Coverage at the moment in the informal sector is 0.25 percent, rounded down to 0 percent, so essentially we are not doing anything in this area.<\/p>\n
The Nigerian economy is also an informal economy. It means that almost everybody is yet to be covered.
\u201cIt is for them to take pensions to the street and everywhere in Nigeria to make sure that no Nigerian is left behind in retirement savings.<\/p>\n
\u201cWhat it means is that the informal sector can contribute their pension with mobile phones. It is convenient and seamless,\u201d she said.<\/p>\n
On his part, Tuji Andrews, the Co-founder of Awabah, said the goal of the fintech is to ensure that the vast majority of Nigerians are pensionable.<\/p>\n
\u201cOur goal is to drive personal pension penetration in Nigeria.\u201d \u201cWhat we are trying to do is that Nigerians can approach any POS to pay for their personal pension. We want to make it for Nigerians to make their monthly pension contributions,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"The Director General of the National Pension Commission, Omolola Oloworaran, said Nigerians in the informal sector can now…\n","protected":false},"author":2,"featured_media":417612,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,154338,4174,4175,56,54,55],"class_list":["post-417611","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-oloworaran","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/417611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=417611"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/417611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/417612"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=417611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=417611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=417611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}