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TeamApt, Awabah Partner to Boost Pension Drive for Nigerians
TeamApt Ltd., a subsidiary of Moniepoint Inc. and a leading financial infrastructure provider, has partnered with Awabah, the National Pension Commission’s first licensed Accredited Pension Agent, to expand pension access for millions of Nigerians in the informal economy.
The partnership was unveiled in Abuja at the launch of Awabah’s agent licence, themed “Building Financial Resilience: Securing the Future with Personal Pensions.”
At the event, PenCom Director-General Omolola Oloworaran underscored a major imbalance in Nigeria’s pension system, noting that while pension assets have grown to over ₦27 trillion, the benefits remain largely concentrated among formal-sector workers. She observed that most informal-sector workers—who make up the majority of Nigeria’s workforce—still retire without any form of savings.
This challenge is further highlighted in Moniepoint’s 2025 Informal Economy Report, which reveals that although 65 per cent of informal businesses recorded revenue growth, most lack the structural resilience required for long-term sustainability and succession.
Through the partnership, TeamApt—a Central Bank of Nigeria–licensed switching and processing company—will enable seamless pension registration and contributions for Awabah users via its Direct Debit service on Point of Sale (POS) terminals nationwide. Informal workers can enrol for personal pensions, tokenize their cards, and automate periodic contributions in just a few steps.
The 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 started Awabah, we were driven by one core belief—that no African worker should be one accident or crisis away from poverty,” said Tunji Andrews, Chief Executive Officer of Awabah.
“This partnership with TeamApt allows us to scale that vision. By leveraging their Direct Debit service and extensive POS network, we are meeting informal workers where they already operate—markets, workshops, kiosks, and roadside businesses. With small, regular contributions, workers can now access personal pensions bundled with health, accident, and life insurance,” he added.
TeamApt CEO Dennis Ajalie said the collaboration aligns with the company’s long-standing mission to power Nigeria’s informal economy.
“At TeamApt and Moniepoint Inc., our focus has always been on enabling the informal sector,” Ajalie said. “Today, working within our licence framework and alongside our co-subsidiary, Moniepoint Microfinance Bank, we operate across all 774 local government areas, serving millions of Nigerians who drive economic activity.”
He described the partnership as a critical step toward pension inclusion, adding that it demonstrates how financial infrastructure can deliver real, long-term value to everyday Nigerians.
Ajalie also praised PenCom’s leadership for creating an enabling environment for innovation, noting that Oloworaran’s reforms have opened the door for partnerships capable of delivering sustainable pension coverage for informal workers.
The initiative is powered by TeamApt’s robust financial technology ecosystem, which has supported banks, fintechs, and financial institutions for more than a decade. Its omni-channel Direct Debit service allows automated recurring collections—such as pension contributions, subscriptions, and repayments—directly from customers’ bank accounts with their consent.
Beyond pensions, the platform enables informal workers to automate investments in the capital market, access healthcare through HMOs, and secure insurance coverage for themselves and their families—extending financial security far beyond retirement.
Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.
Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.
Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.
She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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