PenCom, Awabah Bring Pension Savings to Artisans via POS
By Patience Ikpeme
The National Pension Commission (PenCom) has teamed up with a financial technology company, Awabah, to make it easier for millions of Nigerians working in the informal sector to save for their retirement.
This new move means that people like mechanics, tailors, farmers, and traders can now contribute to their pension bit by bit every week using Point of Sale (POS) terminals.
Through this partnership, artisans no longer need to close their shops or go to a bank to save for the future. They can make their contributions right where they work. Farmers can also check how much they have saved in real-time, while retirees can be sure of getting their benefits quickly and without stress.
The Director General of PenCom, Omolola Oloworaran, explained that this new system is the way of the future. Speaking at an event titled “Building Financial Resilience: Securing the Future with Personal Pensions,” she praised companies like Awabah for being the first to take up this challenge.
“First movers do not wait for the future; they build it. Awabah is pioneering the nation’s progress because pioneers act,” she said.
The PenCom boss noted that this plan is about more than just saving for old age. She said that by using pension agents across the country, the government is creating thousands of new jobs for young Nigerians who will serve as financial ambassadors.
“Through the Accredited Pension Agent model, we will create thousands of jobs, empower young Nigerians as financial ambassadors, and make pensions more than savings—they become employment today, income tomorrow, and security for life,” Oloworaran said.
She also pointed out that this plan fits into the broader vision of President Bola Ahmed Tinubu to ensure every Nigerian is protected. She said that while the 2004 pension laws helped those working in offices, this new push is focused on the majority of Nigerians who work for themselves.
“Financial security in old age is not charity; it is justice, stability, and nation-building. If 2004 secured pensions for formal workers, this decade must secure pensions for the informal majority. We will move from exclusion to universality and from vulnerability to resilience through technology, innovation, optimal investment, and strong partnerships,” the Director General added.
On his part, the CEO of Awabah, Tunji Andrews, said the company wants to make sure that no African worker falls into poverty just because of a small accident or old age. He noted that the people who drive Nigeria’s economy, such as traders and creators, often have the least protection, and his company is here to change that.
“No African worker should be one mishap away from poverty. Our workforce—skilled artisans, tireless traders, and vibrant creators—drives Nigeria’s economy, yet their protection is minimal. We are closing that gap,” Andrews said.
This partnership makes Awabah the first official pension agent to go into the local markets to sign up workers. It is expected to bring millions of Nigerians into the pension system, ensuring they have money to fall back on when they are no longer able to work.
