TeamApt Ltd., a subsidiary of Moniepoint Inc., has partnered with Awabah, the National Pension Commission’s (PenCom) first licensed Accredited Pension Agent, to enhance pension accessibility for millions of Nigerians in the informal economy. The partnership was unveiled at the launch of Awabah’s agent license in Abuja under the theme “Building Financial Resilience: Securing the Future with Personal Pensions.”
The initiative addresses a major gap in retirement coverage in Nigeria’s informal sector. Omolola Oloworaran, PenCom Director-General, highlighted that while Nigeria’s pension assets have surpassed N27 trillion, most of the benefits have gone to formal-sector workers, leaving informal-sector workers largely without retirement savings. Similarly, Moniepoint’s 2025 Informal Economy Report revealed that although 65% of informal businesses report revenue growth, many lack the structural sustainability required for long-term financial security.
Through the partnership, TeamApt—a CBN-licensed switching and processing company—will enable Awabah users to onboard and contribute to personal pensions via Point of Sale (POS) terminals across Nigeria. The Direct Debit service allows workers to register with simple clicks, tokenize their cards for recurring contributions, and automate periodic deductions. This simplifies pension participation from a traditionally bureaucratic process into everyday transactions, helping business owners build long-term financial security.
“When we started Awabah, we were driven by a single idea: that no African worker should be one mishap away from poverty,” said Tunji Andrews, CEO of Awabah. “Our partnership with TeamApt makes this vision achievable at scale. Their Direct Debit service and POS network enable us to meet informal workers where they are—in markets, workshops, and roadside kiosks. For only a small token, workers can now access personal pensions bundled with health insurance, accident cover, and life insurance through the same POS terminals they use every day.”
Dennis Ajalie, CEO of TeamApt, noted that the collaboration aligns with the company’s mission to empower the informal economy. “Through our omni-channel Direct Debit service, we operate in all 774 local government areas in Nigeria, serving millions of businesses and individuals. This partnership with Awabah represents transformative financial infrastructure that ensures every Nigerian worker, regardless of employment status, can build a secure financial future.”
Ajalie commended Omolola Oloworaran for her visionary leadership, emphasizing that PenCom’s commitment to expanding pension coverage in the informal sector is creating opportunities for partnerships capable of driving sustainable change.
The partnership leverages TeamApt’s decade-long fintech ecosystem, which powers banks, fintechs, and other financial institutions. Its Direct Debit service allows automated, recurring collections from customers’ bank accounts with consent, covering pensions, subscriptions, repayments, and other payments.
For everyday Nigerians, the initiative delivers benefits beyond retirement. Workers can automate contributions for capital market investments, access quality healthcare through HMOs, and protect their families through insurance coverage—offering financial advancement and well-being that goes far beyond basic inclusion.
