Awabah, a pioneering startup dedicated to improving the financial wellness of gig workers, has just achieved a remarkable feat in the Pension industry.
They have been granted shared service status, which opens up incredible opportunities for collaboration with Pension fund custodians and administrators. This status will make it even easier for gig workers to access Micro Pensions through Awabah’s innovative platform ‘PENPAY’.
PENPAY was launched to serve gig workers’ crucial need to save for retirement. This user-friendly platform simplifies the way individuals contribute to their retirement savings accounts. By working hand in hand with Nigeria’s Pension fund custodians, the platform ensures strict adherence to industry standards with an injection of technological innovation.
This launch signifies the commitment of industry stakeholders to see a significant departure from the limited options previously available to Nigeria’s informal sector. With PENPAY, saving for retirement has become a breeze. Accessible through web platforms, as well as the Google and Apple stores, various point-of-sale terminals, and even a straightforward USSD code, gig workers can now save effortlessly.
Damilare Olatunde, Awabah’s Payments lead, underscores the company’s commitment to accessibility with PENPAY, stating their goal to establish one million touchpoints across the country. This means that gig workers
can contribute to their retirement savings daily, no matter where they are or what they’re doing.
By attaining shared service status and introducing PENPAY, Awabah is aligning with the spirit of Nigeria’s vibrant Pension industry in improving the landscape of gig workers’ retirement savings, simplifying the process, increasing accessibility, and empowering gig workers to take control of their financial well-being and prepare for a secure retirement. Awabah is truly a trailblazer in the mission to provide financial wellness for gig workers in Nigeria.
