The National Pension Commission (PenCom) has unveiled transformative initiatives to revamp its Micro Pension Plan (MPP) that would empower 77.5 million workers in the informal sector of Nigeria’s economy.
The Acting Director General of PenCom, Ms Omolola Oloworaran disclosed this at a stakeholders’ engagement forum jointly organised by PenCom and the Pension Fund Operators Association of Nigeria (PenOp) in Lagos.
Oloworaran, speaking on the theme, “Reimagining Micro Pension Plan,” highlighted: market segmentation, rebranding, robust technology adoption, and participation inventives as part of innovative of MPP.
She assured that market segmentation of MPP would meet the needs of informal sector workers such as traders, artisans, farmers, and transport operators while rebranding efforts would give the plan a fresh identity designed to resonate with the target audience and boost engagement.
To ensure scalability and accessibility, PenCom plans to collaborate with fintech companies and telecommunications providers to develop a user-friendly platform for seamless contributions and withdrawals.
Adding that PenCom is exploring the provision of tangible benefits such as micro-loans and health insurance linkages to encourage informal workers to enrol in the scheme.
Oloworaran said, “The MPP represents more than just a policy; it is a tool for transforming lives. It offers financial security and dignity in old age, enabling hard-working Nigerians to escape the cycle of poverty.”
The MPP is designed to enable informal workers to save in small, manageable amounts over time. With pension funds currently yielding an average return of 14 per cent, the MPP goes beyond savings, offering wealth-creation opportunities for participants.
The PenCom boss stressed the broader implications of the plan, envisioning families with stable income streams in retirement.
She reiterated, “This financial security will empower families to afford better healthcare, keep children in school, and even invest in small businesses.”.
Oloworaran reassured that the revamped MPP is poised to create a ripple effect across Nigeria, fostering economic inclusion and reducing poverty while securing a dignified future for millions of informal workers in the country.
Credit – Nig Tribune