Awabah Partners Stanbic IBTC on Micro Pension – PensionNigeria

Awabah Partners Stanbic IBTC on Micro Pension

Awabah, a digital micro pension platform in Nigeria, has partnered with Stanbic IBTC Pension Managers Limited to deepen micro pension inclusion across Nigeria.

The announcement, made via Awabah’s social media handle, says “Our partnership with Stanbic IBTC Pension Managers is live. We’re so excited.” Stanbic IBTC Pension Managers Limited is the largest Pension Fund Administrator (PFA) in Nigeria by Retirement Savings Account (RSA) Registrations and Assets under Management (AUM).

Awabah is building a system to ensure pension inclusion in the informal sector, using technology to automate micro-pension and target savings for self-employed Nigerians and informal sector workers.

Data from World Bank shows that about 80% of Nigeria’s employments are in the informal sector. The large proportion of the informal sector in Nigeria offers significant growth opportunities for the micro pension industry in Nigeria and Awabah is leading the way.

Speaking on the partnership, Co-Founder and CEO of Awabah, Tunji Andrews, said that this partnership has raised the stakes for Awabah as the company is set to onboard 150,000 new users in the next 12 months and is targeting 5 million customers by 2026. He said, “The goal is to have five million micro pension accounts with active contributions made via Awabah’s platforms by the time it turns five.”

He noted that although funding retirement savings accounts was quite a task, Awabah was ready to do the hard work, and had put strategies in place to achieve this goal. “One such strategy is the creation of agent networks to onboard new users, and another is leveraging trade shows to drive awareness.”

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