Nigerians, particularly those working in the unorganized sector, can now use their smartphones and USSD to pay to their pensions, according to the National Pension Commission (PenCom). The revelation was made yesterday in Abuja by Omolola Oloworaran, Director General of the National Pension Commission, at the opening of Awabah, Nigeria’s first Pension Accredited Agent (APA).”At the moment, the coverage for the informal sector is 0.25%, which basically means we’re not doing anything in this area,” she stated. An informal economy also exists in Nigeria. It follows that practically all Nigerians are insured because, to be honest, if less than 10% are, then practically no one is. In order to encourage all or at least a significant majority of workers in the informal sector to enroll in the personal pension plan, we want to see pension penetration through this accredited agent effort. This means that they should take pensions to the streets, villages, and other places in Nigeria.
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