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Nigerian fintech startup Awabah has unveiled an ambitious plan to onboard one million new personal pension subscribers by the end of 2026, leveraging Point of Sale (POS) agents to expand pension access across the country’s informal sector.
The company announced the initiative during the launch and live demonstration of its Pension Direct platform in Lagos on Thursday.
Developed in partnership with TeamApt and powered by the Moniepoint POS network, the solution enables traders, artisans, transport operators, gig workers, and other informal-sector participants to register for pension schemes and automate contributions without requiring smartphones or visiting bank branches.
Expanding Pension Access Through Existing Agent Networks
Speaking at the launch, Awabah Co-founder and Chief Executive Officer, Tunji Andrews, said the initiative is designed to bring pension services closer to Nigerians by leveraging the neighbourhood locations where people already conduct everyday financial transactions.
Under the Pension Direct model, prospective contributors can visit participating POS outlets, choose their preferred Pension Fund Administrator (PFA), provide basic registration details, and select a convenient contribution schedule.
Customers can also authorise a direct debit mandate using their bank cards, enabling automatic pension contributions on a daily, weekly, or monthly basis.
According to Andrews, the platform addresses one of the biggest challenges facing informal-sector workers—maintaining consistent retirement savings despite irregular income patterns.
He noted that Awabah intentionally adopted the agency banking model because millions of Nigerians, particularly those in rural and underserved communities, already rely on POS agents for financial services even without access to smartphones or digital banking applications.
Awareness Campaigns Planned Across Key States
To accelerate adoption, the company plans to launch extensive awareness campaigns through roadshows, radio programmes, billboards and grassroots engagement initiatives.
The first phase of the rollout will focus on Lagos, Edo State, Abuja and the South-East, while participating POS agents will receive specialised training to educate customers, facilitate registrations and provide ongoing support.
Partnership Aims to Deepen Financial Inclusion
Speaking on behalf of TeamApt, Implementation Manager Emmanuella Edeh said the partnership takes advantage of Nigeria’s established agency banking infrastructure to bridge the gap between formal pension services and underserved populations.
She explained that POS terminals provide a practical offline channel for digital pension services, particularly for individuals who are not digitally literate or do not own smartphones.
Edeh added that the deployment would initially commence with selected agents before expanding across the broader network. She also noted that the platform is designed to adapt registration requirements automatically based on each user’s selected Pension Fund Administrator.
Industry Stakeholders Highlight Opportunities and Challenges
Also speaking at the event, Managing Director and Chief Executive Officer of the Shared Agent Network Expansion Facility (SANEF), Uche Uzoebo, described the initiative as a significant step toward expanding pension participation nationwide.
He encouraged other agent network operators and financial service providers to adopt similar distribution models to improve pension penetration across underserved communities.
However, stakeholders identified several challenges that could affect nationwide implementation, including poor network connectivity in remote locations, settlement timelines, low customer awareness and the continued reliance on cash transactions.
Responding to these concerns, Andrews disclosed that Awabah is exploring offline-enabled technology solutions to improve accessibility in low-connectivity areas.
He also revealed that participating POS terminals would be mapped using geolocation technology, making it easier for customers to identify the nearest pension registration point.
Beyond Pensions
Looking ahead, Andrews said the company intends to expand the platform beyond pension services by introducing additional financial products through the same distribution network.
Future offerings are expected to include micro-insurance, savings bonds and capital market investment products, further advancing financial inclusion and expanding access to long-term wealth creation opportunities for Nigerians in the informal economy.
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