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Home Companies Corporate Updates

PENPAY partners Quickteller to secure the future of informal sector workers through retirement savings

NM Partners by NM Partners
October 24, 2023
in Corporate Updates
PENPAY, Quickteller
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PENPAY, the Awabah product aimed at building the largest distribution network for financial services in Africa, is excited to announce its partnership with Quickteller, the leading consumer digital payments platform, powered by Interswitch, one of Africa’s leading integrated payments and digital commerce companies.

This collaboration aims to provide informal sector workers with access to structured retirement savings plans through Quickteller.

With PenPay now available at ATMs nationwide, millions of Nigerians will have the opportunity to secure their financial future.

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The informal sector constitutes a significant portion of Africa’s economy, accounting for a significant number of workers.

However, due to the lack of formal employment and access to financial services, many individuals in this sector often struggle to plan adequately for their retirement.

Recognizing this challenge, PenPay and Quickteller have joined hands to bridge the gap and ensure that no informal sector worker is left behind.

PenPay, with its extensive distribution network, offers an innovative and convenient solution for individuals to save for their retirement.

By leveraging Interswitch’s well-established Quickteller platform, PenPay will have the ability to reach both online and offline customers, significantly expanding its accessibility and impact.

The collaboration will allow informal sector workers to contribute to their retirement savings through PenPay at various Interswitch-enabled ATMs across Nigeria.

This accessibility will empower millions of individuals who previously had limited options when it came to securing their financial future.

PenPay’s integration with Interswitch’s Quickteller platform is a game-changer for the future of financial inclusivity in Africa.

The partnership will not only facilitate retirement savings for informal sector workers but will also contribute to the overall economic growth and stability of the nation.

By unlocking the potential of these workers, the partnership aims to drive financial resilience and prosperity for individuals and communities across Nigeria.

Moreover, with PenPay’s robust network and Interswitch’s wide reach, this collaboration has the potential to extend its impact beyond Nigeria’s borders, positively influencing the lives of millions in the region.

Commenting on this partnership, Oluwaseun Adekanbi, Growth Manager at PENPAY, stated,

  • “We are thrilled to join forces with Interswitch to empower the informal sector workers across
    Nigeria.
  • Through this collaboration, we will ensure that everyone, regardless of their
    employment type, can access retirement savings and plan for their financial future.
  • This is a significant step towards achieving our mission of fostering financial inclusivity in Africa.”
  • Also commenting on the partnership, Omoniyi David-Mosaku, the Insight and Growth Specialist,
    Corporate Ecosystems at Interswitch also said:
  • “This partnership with PenPay will further boost our sustained efforts to deepen financial
    inclusion across Nigeria and beyond.
  • We are excited about this partnership with PenPay, a powerful step towards empowering informal sector workers with a secure path to retirement.”

This collaboration between PENPAY and Interswitch marks a pivotal moment in the journey towards economic development and financial inclusion.

By offering retirement savings to the informal sector workforce, they aim to create a society where every individual can build a secure
financial future.

For more information about PENPAY and its partnership with Interswitch, please visit www.penpay.com.ng or contact 01-2296733.

About PENPAY

PENPAY is an Awabah product. Awabah is a leading financial technology company in Africa, focused on fostering financial inclusivity through innovative solutions.

About Interswitch

Interswitch is a leading technology-driven company enabling access to financial services across Africa.

Its Quickteller platform provides safe, convenient, and reliable payment solutions to millions of individuals and businesses.


Follow us for Breaking News and Market Intelligence.
Tags: AwabaPenPayQuickteller
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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