Just like birthdays remind us of how old we are getting; it should also remind us of how close we get to retirement.

Many young people have vigorously started saving for their retirement with their referred or prefered choice of Pension Fund Administrators (PFA), but if you are one of them, are you sure that PFA is good for you? PENCOM has opened a Transfer Window so you can freely change your PFA if you feel they are not doing well or if they are not right for you.

Now comes the next questions, “Is my pension safe? how do I know which PFA is good for me?”. Don’t fret, this short article and chart from http://naijapension.com/ was written to help you.

The list contains the performance of the retiree fund of key PFAs. If your PFA is currently lagging on this list, you have nothing to worry about. You can easily switch to a better PFA and avoid stress later on; the Transfer Window now opened by PENCOM gives you the opportunity to jump ship. Funds to note are Funds II which is the default fund for RSA holders of 49 years and below and Fund III which default fund for RSA holders of 50 years and above.

Other Funds like Fund IV are only for retirees while Fund 1 is request based only however NOT accessible to Retirees and active contributors of 50 years and above

Your preference may differ, but we’d love to know what you think of the list.

Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.  Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are,  to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.