Awabah Targets One Million Pension Subscribers by 2026

Fintech startup Awabah has set a target to onboard one million new personal pension subscribers by the end of 2026 through its 'Pension Direct' initiative, which was unveiled in Lagos. Chief Executive Officer and co-founder Tunji Andrews announced that the initiative, developed in partnership with TeamApt and powered by the Moniepoint POS network, aims to provide pension services directly to Nigeria’s informal sector.

It allows traders, artisans, transport operators, and gig workers to register for pensions and automate contributions without smartphones or banking halls. Users can visit participating POS locations, select a Pension Fund Administrator, and authorize direct-debit mandates for automated deductions.

The initiative addresses the challenge of maintaining consistent retirement savings for irregular earners. Awabah plans to conduct awareness campaigns in Lagos, Edo, Abuja, and the South-East, and train POS agents to facilitate registrations.

Emmanuella Edeh from TeamApt emphasized the importance of agency banking networks in reaching unbanked populations. Uche Uzoebo from the Shared Agent Network Expansion Facility noted the potential for increased national pension coverage.