TeamApt Ltd., a subsidiary of Moniepoint Inc. and a leading financial infrastructure provider, has partnered with Awabah, the National Pension Commission’s first licensed Accredited Pension Agent, to expand pension access for millions of Nigerians in the informal economy.
The partnership was unveiled in Abuja at the launch of Awabah’s agent licence, themed “Building Financial Resilience: Securing the Future with Personal Pensions.”
At the event, PenCom Director-General Omolola Oloworaran underscored a major imbalance in Nigeria’s pension system, noting that while pension assets have grown to over ₦27 trillion, the benefits remain largely concentrated among formal-sector workers. She observed that most informal-sector workers—who make up the majority of Nigeria’s workforce—still retire without any form of savings.
This challenge is further highlighted in Moniepoint’s 2025 Informal Economy Report, which reveals that although 65 per cent of informal businesses recorded revenue growth, most lack the structural resilience required for long-term sustainability and succession.
Through the partnership, TeamApt—a Central Bank of Nigeria–licensed switching and processing company—will enable seamless pension registration and contributions for Awabah users via its Direct Debit service on Point of Sale (POS) terminals nationwide. Informal workers can enrol for personal pensions, tokenize their cards, and automate periodic contributions in just a few steps.
The initiative simplifies pension savings by turning what was once a complex, bureaucratic process into a routine transaction, enabling business owners and workers to build financial security beyond their productive years.
“When we started Awabah, we were driven by one core belief—that no African worker should be one accident or crisis away from poverty,” said Tunji Andrews, Chief Executive Officer of Awabah.
“This partnership with TeamApt allows us to scale that vision. By leveraging their Direct Debit service and extensive POS network, we are meeting informal workers where they already operate—markets, workshops, kiosks, and roadside businesses. With small, regular contributions, workers can now access personal pensions bundled with health, accident, and life insurance,” he added.
TeamApt CEO Dennis Ajalie said the collaboration aligns with the company’s long-standing mission to power Nigeria’s informal economy.
“At TeamApt and Moniepoint Inc., our focus has always been on enabling the informal sector,” Ajalie said. “Today, working within our licence framework and alongside our co-subsidiary, Moniepoint Microfinance Bank, we operate across all 774 local government areas, serving millions of Nigerians who drive economic activity.”
He described the partnership as a critical step toward pension inclusion, adding that it demonstrates how financial infrastructure can deliver real, long-term value to everyday Nigerians.
Ajalie also praised PenCom’s leadership for creating an enabling environment for innovation, noting that Oloworaran’s reforms have opened the door for partnerships capable of delivering sustainable pension coverage for informal workers.
The initiative is powered by TeamApt’s robust financial technology ecosystem, which has supported banks, fintechs, and financial institutions for more than a decade. Its omni-channel Direct Debit service allows automated recurring collections—such as pension contributions, subscriptions, and repayments—directly from customers’ bank accounts with their consent.
Beyond pensions, the platform enables informal workers to automate investments in the capital market, access healthcare through HMOs, and secure insurance coverage for themselves and their families—extending financial security far beyond retirement.
