The partnership was announced at the launch of Awaba’s agency license themed ‘Building Economic Resilience: Securing Your Future with Personal Pensions’ in Abuja.
Speaking at the event, Pencom Executive Director Omolola Olowolaran highlighted the huge imbalances in Nigeria’s pension system, noting that while pension assets have grown by over ₦27 trillion, benefits are still largely concentrated among public sector workers. She observed that most of the workers in the informal sector, who make up the bulk of Nigeria’s workforce, still retire without any savings.
This challenge is further highlighted in Moniepoint’s 2025 Informal Economy Report, which reveals that while 65% of informal businesses are recording revenue growth, most lack the structural resilience needed for long-term sustainability and succession.
Through this partnership, TeamApt, a switching and processing company licensed by the Central Bank of Nigeria, will enable seamless pension enrollment and contributions for Awabah users through direct debit services at point of sale (POS) terminals across the country. Casual workers can enroll in a personal pension, tokenize their cards and automate regular contributions in just a few steps.
This initiative simplifies pension savings by turning what was once a complex, bureaucratic process into a routine transaction, enabling business owners and workers to build financial security beyond their productive years.
“When we launched Awaba, we were driven by one core belief: African workers should not be reduced to poverty because of one accident or crisis,” said Awaba CEO Tanji Andrews.
“Our partnership with TeamApt allows us to expand that vision. By leveraging the company’s direct debit service and extensive point-of-sale network, we can meet informal workers already active in markets, workshops, kiosks and roadside businesses. With small regular contributions, workers can now access a personal pension bundled with health, accident and life insurance,” he added.
TeamApt CEO Dennis Ajalie said the partnership is in line with the company’s long-standing mission to revitalize Nigeria’s informal economy.
“At TeamApt and Moniepoint Inc., our focus has always been on enabling the informal sector,” says Ajary. “Currently, within the framework of our license, we work with our joint subsidiary Moniepoint Microfinance Bank to operate in all 774 local governments, serving millions of Nigerians driving economic activity.”
He said the partnership is an important step towards inclusion in the pension system, adding that it demonstrates how financial infrastructure can deliver real long-term value to the daily lives of Nigerians.
Mr. Ajari also noted that Mr. Olowolaran’s reforms have opened the door to partnerships that can provide sustainable pension security for casual workers, and praised PenCom’s leadership for creating an enabling environment for innovation.
This effort is powered by TeamApt’s robust financial technology ecosystem, which has been supporting banks, fintechs, and financial institutions for over a decade. The company’s omnichannel direct debit service enables automatic periodic collection of pension contributions, membership fees, repayments, etc. directly from customers’ bank accounts, subject to customer consent.
In addition to pensions, the platform allows temporary workers to automate capital market investments, access healthcare through HMOs, and secure insurance for themselves and their families, further extending their financial security in retirement.
