PenCom Introduces Smartphone and USSD Pension Contributions for Nigerians

The National Pension Commission (PenCom) unveiled a new initiative allowing Nigerians, particularly in the information sector, to contribute to pensions through smartphones and USSD codes. The Director-General, Omolola Oloworaran, highlighted the importance of this move during the launch event in Abuja.

The initiative includes the accreditation of pension agents like Awabah to expand pension coverage nationwide. Tonia Ifeanyin Okoro of PenOp noted that this innovation would enhance pension penetration among the 90 million Nigerians not yet enrolled in contributory pension schemes.

Tunji Andrew, CEO of Awabah, emphasized the product's benefits, combining retirement savings with insurance coverage for as little as N3,000 monthly. This initiative aims to bridge the financial protection gap for workers in the information sector and promote nationwide pension inclusivity.