TeamApt Ltd, a subsidiary of Moniepoint Inc., has partnered with Awabah, the National Pension Commission’s first licensed Accredited Pension Agent, to transform pension accessibility for millions of Nigerians in the informal economy.
This was announced at the launch of Awabah’s novel agent licence in Abuja, under the theme ‘Building Financial Resilience: Securing the Future with Personal Pensions’.
Through this collaboration, TeamApt, a Central Bank of Nigeria-licensed switching and processing company, will enable seamless pension onboarding and contributions via Point of Sale terminals across Nigeria for Awabah users through its Direct Debit service. Workers can register for personal pensions with simple clicks, tokenise their cards for recurring contributions, and set up automatic periodic deductions. This transforms pension savings from a complex, bureaucratic process into a simple, everyday transaction, allowing business owners to build long-term financial security beyond their active working years.
Speaking on the development, the Chief Executive Officer of Awabah, Tunji Andrews, said, “When we started Awabah, we were driven by a single idea: that no African worker should be one mishap away from poverty. Our partnership with TeamApt makes this vision achievable at scale. Their Direct Debit service and extensive POS network enable us to meet informal workers where they are, at the market stall, the mechanic workshop, the roadside kiosk, and so on. For only a small token per period, workers can now access personal pensions bundled with health insurance, accident cover, and life insurance, all through the same POS terminals they use every day.”
The Chief Executive Officer of TeamApt, Dennis Ajalie, in his comments, emphasised the alignment with TeamApt’s mission, saying, “At TeamApt and Moniepoint Inc., we have always been laser-focused on powering the informal economy. Today, in line with the permissible activities of our licence category and in conjunction with our co-subsidiary, Moniepoint MFB, we operate in all 774 local government areas in Nigeria, serving millions of businesses and individuals who form the backbone of our economy. This partnership with Awabah represents exactly the kind of transformative financial infrastructure our country needs.
“Together, we will spread the gospel of pension inclusion, ensuring that every Nigerian worker, regardless of their employment status, can build a secure financial future.”
Ajalie also acknowledged the leadership of the Director-General of PenCom, Omolola Oloworaran, adding, “I want to commend the Director-General for her visionary leadership in making this possible. Her commitment to expanding pension coverage to the informal sector is opening doors for partnerships like ours that can drive real, sustainable change.”
The partnership leverages TeamApt’s comprehensive financial technology ecosystem that has powered banks, fintechs, and other financial institutions for over a decade. For the everyday Nigerian, the benefits extend well beyond retirement savings. Workers can now automate contributions for investments in the capital market, access quality healthcare through HMOs, and protect their families through insurance coverage. The initiative delivers financial advancement and well-being that goes far beyond basic inclusion.
In a recent opinion piece, the Director-General of PenCom had said that the pension gap in the informal sector ran into trillions of naira. She stated that although Nigeria’s pension assets have grown to over N27tn, the gains have largely benefited formal-sector workers, while the informal sector, which represents the majority of Nigeria’s workforce, mostly retires without any savings. Similarly, Moniepoint’s 2025 Informal Economy Report echoes this reality that 65 per cent of informal businesses report revenue growth, yet most lack the structural sustainability needed for succession.
