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🇳🇬 Nigeria /Economy & Trade

Fintech targets one million new pension users by 2026

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Nigerian fintech startup Awabah aims to onboard one million new pension subscribers by the end of 2026.
  • The company will bring pension services to Nigeria's informal sector using Point of Sale agents, partnering with TeamApt and Moniepoint.
  • This initiative targets traders, artisans, and gig workers, automating contributions and overcoming barriers to financial inclusion.

Fintech startup Awabah is launching an ambitious initiative to bring pension services to Nigeria's informal sector, aiming to register one million new subscribers by the end of 2026. The 'Pension Direct' initiative, developed with TeamApt and powered by the Moniepoint POS network, bypasses the need for smartphones or traditional banking halls.

The core strategy was to bring pensions to everyday neighbourhoods and transaction points where millions of Nigerians already conduct daily financial activities.

— Tunji AndrewsExplaining the strategy behind the 'Pension Direct' initiative.

Instead, the strategy focuses on leveraging existing Point of Sale agent networks, which are already familiar to millions of Nigerians in both urban and rural areas. Traders, artisans, transport operators, and gig workers can now register for pensions and automate contributions by visiting a local POS agent. They can select a Pension Fund Administrator, provide basic details, and set up automated deductions for daily, weekly, or monthly contributions.

Awabah's Chief Executive Officer and co-founder, Tunji Andrews, highlighted that this approach directly addresses a major hurdle to financial inclusion: the difficulty irregular earners face in maintaining consistent retirement savings. The company plans extensive grassroots campaigns, including roadshows and radio jingles, initially targeting Lagos, Edo, Abuja, and the South-East.

Many people at the grassroots are not tech-savvy and do not own smartphones, making POS terminals a practical offline interface for digital pension services.

— Emmanuella EdehDescribing the role of POS agents in reaching informal sector workers.

TeamApt's Implementation Manager, Emmanuella Edeh, emphasized that the partnership utilizes established agency banking infrastructure to connect formal financial systems with the unbanked. She noted that POS terminals offer a practical offline interface for digital pension services, especially for those not tech-savvy or without smartphones. The rollout will expand gradually, starting with selected agents before a network-wide launch.

Our objective is simple: to remove the barriers that often prevent smallholder farmers from achieving optimum productivity and profitability.

— Engr. Cornelius AdebayoStating the goal of empowering women farmers through land and resource allocation.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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