PenCom Launches Awabah to Drive Pension Inclusion for Informal Workers in Nigeria

The National Pension Commission (PenCom) has introduced Awabah, the first accredited pension agent in Nigeria, to enhance pension inclusion for informal workers. With a focus on expanding pension coverage beyond formal employment, PenCom's Director-General, Omolola Oloworaran, emphasized the importance of personal pensions for economic resilience.

The initiative aligns with President Bola Tinubu's inclusive growth agenda. Awabah, led by CEO Tunji Andrew, leverages existing payment infrastructure to simplify pension registration and contributions nationwide.

The plan targets five million registered customers by 2026, offering innovative pension onboarding through partnerships with Moniepoint. Contributors can authorize automatic monthly deductions and withdraw up to 50% of their savings within the first three months.

This scheme primarily benefits self-employed individuals, rig workers, traders, artisans, and salary workers with existing retirement savings accounts.