PenCom creates special unit to drive micro pension

The National Pension Commission (PenCom) said it has established a special function unit to drive the micro pension plan.

Mrs. Chinelo Anohu-Amazu, Director General, National Pension Commission (PenCom)

PenCom on its website stressed that in implementing the micro-pension initiative, the informal sector has been segmented into three broad categories – The low income earners; high income earners and SMEs and that each of these categories would be targeted with appropriate pension products and sensitization programmes that meet their peculiarities.

The Commission noted that it had already commenced the sensitization of service providers and relevant regulators as well as the targeted workers in the informal sector with a view of creating the enabling environment and buy-in.

PenCom noted that it would ensure robust technological platform is put in place to drive the initiative, adding that special mobile phone applications that had been successfully implemented in some jurisdictions for financial transactions including provision of pension services to the self-employed and informal sector workers could be adopted to prop the plan.

“It is evident that a robust technological platform that would support the provision of customer services is necessary to effectively and efficiently register, collect contributions, provide Retirement Savings Account support, pay benefits and provide financial advisory services to this class of workers.

“Coincidently, special mobile phone applications had been successfully implemented in some jurisdictions for financial transactions including provision of pension services to the self-employed and informal sector workers. The success stories of these applications drives the confidence that similar platform can be designed and implemented in Nigeria,” it said.