By Abubakar Yunusa
The National Pension Commission on Monday licensed Awabah Nigeria as the first Accredited Pension Agent for Personal Pension Plan enrolment, marking a major push to expand pension coverage among Nigerians, especially workers in the informal sector.
The Director-General of PenCom, Omolola Oloworaran, made the announcement during the company’s unveiling in Abuja, describing the move as a bold step towards transforming pension distribution nationwide.
Oloworaran said accredited pension agents represent the future of pension enrolment and distribution, noting that Awabah demonstrated early leadership by embracing the regulatory framework ahead of others.
“While many are still observing, Awabah has stepped forward. They embraced the framework early and chose to lead as the very first Nigerian accredited pension agent,” she said.
The PenCom boss stressed that the initiative goes beyond coexistence with existing pension operators, adding that it is designed to drive innovation within the sector.
She noted that Awabah’s participation in the reform would help accelerate financial inclusion through digital onboarding, micro daily and weekly pension contributions, real-time account monitoring and seamless payment systems.
According to her, government policies are also being aligned to encourage voluntary retirement savings, including provisions allowing pension contributions to be tax-deductible.
“The government is encouraging Nigerians to save and keep more of what they earn by contributing towards their retirement,” she said.
Oloworaran explained that emerging technologies deployed by fintech firms, payment service providers and telecommunications companies would further simplify pension participation for low-income earners and informal sector workers.
She said the integration of technology would allow traders, artisans and farmers to make flexible contributions using mobile devices while monitoring their savings in real time.
The PenCom chief also emphasised that the accredited pension agent scheme would create employment opportunities for young Nigerians by generating thousands of agent roles nationwide.
“This reform is not only about retirement savings; it is also about jobs and economic opportunities. Every agent empowered is employment created. Every contributor enrolled is poverty prevented,” she added.
She noted that the initiative aligns with the Federal Government’s economic agenda aimed at promoting inclusive growth and ensuring social protection for citizens.
Oloworaran said ensuring financial security for retirees remains critical to national development, stressing that retirement protection should be viewed as a right rather than charity.
In his welcome address, the Chief Executive Officer of Awabah Nigeria, Tunji Andrews, said the company was established to address financial vulnerability among African workers, particularly those operating outside formal employment structures.
“When we started Awabah, we were driven by a single idea that no African worker should be one mishap away from poverty,” Andrews said.
He noted that although African workers remain highly productive, many lack access to adequate social protection, creating a significant welfare gap across the continent.
Andrews commended PenCom for providing regulatory support that enabled the company to introduce innovative pension solutions, describing the commission as an enabler rather than a barrier to industry growth.
He disclosed that the company’s newly launched “Resilience Mandate” would establish a nationwide accredited agent network aimed at improving financial security for Nigerian workers.
According to him, Awabah’s “ValuBah” package offers personal pension services bundled with health insurance, accident coverage and life insurance, starting from as low as N3,000 monthly.
He added that the initiative is designed to extend financial protection to a wide spectrum of Nigerians, ranging from security personnel to small business owners.
Andrews said the company is also exploring expansion plans across Africa, leveraging its technology-driven pension model to strengthen social protection systems across the continent.
