FCMB Pensions Ltd collaborates with Awabah Nigeria to boost Micro Pension Plan (MPP)

Awabah Nigeria, the first Nigerian digital micro pension platform is collaborating with FCMB Pensions.   Awabah specializes on encouraging Associations and Unions' engagement in the expansion of Micro Pension Retirement Savings Accounts (RSAs) by offering assistance, direction, proper information, and also making it simple for clients to register.

The National Pension Commission (PenCom) has granted FCMB Pensions Limited, a subsidiary of FCMB Group Plc, a license to operate as a Pension Fund Administrator (PFA) as that term is defined under the PRA 2014. Over 700,000 Retirement Savings Accounts have been registered with FCMB Pensions in both the private and public sectors of the economy. Additionally, as part of the Micro Pension Plan, FCMB Pensions administers RSAs for workers in the unorganized sector (MPP).

Employees of companies with less than three employees and independent contractors have the right to join in the Contributory Pension Scheme in accordance with National Pensions Commission Guidelines, according to Section 2(3) of the Pension Reform Act, 2014 (PRA 2014).

The Micro Pension Plan (MPP) is voluntary and is paid completely by the contributor, who must be at least 18 years old and have a legal source of income as specified in Section 2 (3) of the PRA 2014, according to Nairametrics.

The informal sector employs around 80% of Nigerian workers, providing roughly 48% of the country's GDP, according to the Nigeria Bureau of Statistics (NBS).

With the introduction of the Micro Pension Plan, Nigeria's majority of working population—informal workers—will finally have access to adequate retirement funds. Awabah is dedicated to expanding the scope of this plan so that no employee is left behind. The firm says it is delighted to have a company as solid as FCMB Pensions collaborate with it to achieve this goal.

According to the bank, customers with an FCMB Pensions account stand to enjoy the following benefits:

·        A stable financial future after retirement

·        Financial security and the eradication of poverty in old age

·        Flexible remittances of contributions; Daily, weekly, or monthly contributions in Nigerian Naira are all acceptable.

·        Three months after making the initial contributions, the Micro Pension contributor will be able to withdraw up to 40% of his or her balance.

·        A contribution's security (funds managed by licensed Professionals such as FCMB Pensions).

Awabah CEO With the introduction of the Micro Pension Plan, Nigeria's majority of working population—informal workers—will finally have access to adequate retirement funds. Awabah is dedicated to expanding the scope of this plan so that no employee is left behind. The firm says it is delighted to have a company as solid as FCMB Pensions collaborate with it to achieve this goal.