Pension / retirement / pension scheme / financial and business concept. The word ‘PENSION’ in German, on a stack of euro coins and banknotes.
TeamApt Ltd., in partnership with digital pension platform Awabah, on Wednesday unveiled “Pension Direct”, a new initiative aimed at boosting micro-pension enrolment among informal sector workers by expanding access to pension services through Point-of-Sale (POS) terminals nationwide. The initiative, launched in Lagos, will enable users to register for personal pension plans at participating POS terminals and authorise automated pension contributions, making retirement savings more accessible to millions of Nigerians outside the formal workforce.
The new service leverages TeamApt’s Direct Debit infrastructure to automate recurring pension contributions, allowing users to choose daily, weekly or monthly payments without visiting banking halls. Moniepoint Microfinance Bank is the first distribution network to deploy the service through its nationwide POS network across Nigeria’s 774 local government areas, with plans to extend it to other agent networks.
Speaking at the unveiling, the Managing Director of TeamApt, Dennis Ajalie, said the partnership with Awabah was designed to remove long-standing barriers that have prevented many informal sector workers from building retirement savings.
Ajalie explained that under the arrangement, users can register for personal pension plans at participating POS terminals, tokenise their bank cards and authorise recurring pension contributions through TeamApt’s Direct Debit infrastructure.
According to him, the infrastructure supports secure card tokenisation and recurring payment mandates, making pension contributions seamless for artisans, traders and other self-employed Nigerians.
“Financial inclusion goes beyond access to payments. It must also provide access to financial tools that guarantee long-term financial security,” Ajalie said.
He added that the infrastructure would also support recurring payments for insurance, investments and other long-term financial services, helping businesses expand access to essential financial products.
Ajalie expressed optimism that the partnership would deepen pension penetration among millions of underserved Nigerians, improve financial inclusion and strengthen long-term savings across the informal economy.
