Sigma Pensions is one of the leading Pension Fund Administrators (PFA) in Nigeria. For over a decade, the company has been dedicated to providing exceptional value to stakeholders through the delivery of pension administrative services.
In line with the vision of providing exceptional value through a range of differentiated products, Sigma Pensions have become the first Pension Fund Administrator (PFA) to launch Non-Interest Retirement Savings Account (RSA) Fund VI. The long-awaited launch was held virtually in line with the Covid-19 restrictions in place.
Speaking at the launch, the Chairman, Board of Directors, Sigma Pensions Limited, Mr Mark Collier noted with excitement that this fund would drive greater financial inclusion among an underserved segment of the Nigerian population as well as deepen financial inclusion and pension enrolment. Mr Collier, who had spent over 25 years working in the financial services space and served on the leadership of different boards and in different capacities, noted that financial exclusion is high and estimated at about 37% with higher numbers from the Northern region. Effectively, the newly launched Fund VI along with the other existing funds by Sigma Pensions, will bridge this divide.
The fund has already been given the nod by the National Pension Commission (PenCom) and would see Sigma Pensions position itself as a trailblazer of the non-interest RSA fund also known as Fund VI. The Non-Interest Fund, which is Fund VI under the Multi-Fund structure introduced by the National Pension Commission (PenCom), is for contributors who choose to have their pension contributions invested in non-interest money and capital market products.
The Managing Director, Sigma Pensions, Mr Dave Uduanu officially introduced the product and emphasized that the Fund is particularly unique because for the first time ever in the Nigerian market, we have a product that allows pension account holders to be able to have pension solutions that aligns with their beliefs and values.
Dave Uduanu said: “The Non-Interest Fund will take off in the fourth quarter of this year. It will boost interest in non-interest finance and also deepen financial inclusion in Nigeria given the country’s large Muslim population that is not participant in the ethical fund investments and Islamic financing and this is the right time for it.” He reiterated that having a vibrant non-interest pension offering will help deepen the breadth and sophistication of the domestic pension and non-pension fund management industry and they are willing to put all their marketing and business wealth behind the product to ensure its success.
The Sigma pension in essence, is the first pension fund to launch such an exciting and innovative product and taking a lead role in being the first to not only have its own underlying investment in accordance with Islamic Sharia principles but also in alliance with the PENCOM rules and regulations.
The launch of this fund also signals the reflection of the commitment of Sigma funds to well managed and well-performing fund portfolios to all customers. It also represents the company’s goal in driving greater financial inclusion and pension enrollment by serving an underserved segment of the Nigerian market, specifically those who want their pension managed in accordance with their own moral and faith belief and values with large exclusion observed in the northern regions.
The development of Fund VI is all part of the National Journey and is a significant step because the untapped market is estimated at around N400bn and is hence an area not to be ignored. He further added that his firm has set up backend operations with a highly capable investment team with a well-crafted investment strategy to ensure seamless transition for new and existing RSA account holders to migrate to Sigma Fund VI.
Furthermore, the Executive Director, Technical, Sigma Pensions, Mr. Ibrahim Balarabe, urged existing and new customers who have been yearning for the fund to key into it citing their preparedness. Also speaking at the conference, the guest speaker and MD/CEO, Lotus Capital, Hajara Adeola, commended Sigma Pensions for providing a platform for increasing public awareness about non-interest finance.
Is there any law that hinders one to withdraw all his monies while still working or out of job??? Especially people working with Non governmental organization???
It is a welcome idea. My prayers is for low pension eaners to enjoy its dividends .But we need to be enligtened the more.Thank you
This is crazy documentary. The authors need to clearly markout the merits and demirits for customers who would like to join the initiative but these are being hidden even in invitations by Pension Companies.
I have fill a form with this organisation seen then I have not head anything