TeamApt and Awabah Launch Micro-Pension Solution in Nigeria

TeamApt Limited, a prominent payment infrastructure company, has partnered with Awabah to introduce Pension Direct, a micro-pension solution designed for self-employed and informal-sector workers in Nigeria. The partnership was announced during the launch event in Lagos.

TeamApt has been providing core banking and payment infrastructure for various financial institutions, including Moniepoint MFB, for over a decade. The Pension Direct solution utilizes TeamApt’s Direct Debit infrastructure to automate recurring pension contributions at point of sale devices, facilitating easier access for workers outside the formal employment sector.

Users can enroll in a personal pension at POS terminals, tokenize their cards, and set up automatic contributions. Moniepoint MFB is the first distribution network to offer this service through its extensive agent network across all 774 local government areas in Nigeria.

TeamApt and Awabah plan to expand this solution to additional networks, aiming to enhance access to micro-pensions for millions of underserved workers. Dennis Ajalie, Managing Director/CEO of TeamApt, emphasized the importance of providing financial tools for long-term security.