PenCom engages Fintech on Technology to democratize pension contributions

The National Pension Commission (PenCom) has partnered with fintech firm Awabah to make pension contributions more accessible, practical, and resilient for artisans, farmers, and other informal sector workers who wish to engage in weekly pension savings.

The initiative allows artisans to contribute without leaving their workshops, enables farmers to track their pension balances in real time, and ensures retirees receive benefits quickly and securely.

PenCom Director-General, Omolola Oloworaran, described accredited Pension Agents like Awabah as the future of pension distribution, highlighting their proactive adoption of the framework. Speaking at the Awabah Resilience Mandate event themed “Building Financial Resilience: Securing the Future with Personal Pensions,” she said, “First movers do not wait for the future; they build it. Awabah is pioneering the nation’s progress because pioneers act.”

Oloworaran emphasized that pension reform goes beyond retirement savings. “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,” she added.

She further aligned the vision with President Bola Ahmed Tinubu’s reform agenda, noting, “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.”

Awabah CEO, Tunji Andrews, stated the company’s mission: “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.”

The partnership positions Awabah as Nigeria’s first Accredited Pension Agent to actively engage informal markets, reflecting a broader push for financial inclusion and sustainable social security across the country.