TeamApt Ltd., a subsidiary of Moniepoint Inc., has entered into a partnership with Awabah to expand pension enrollment through the country’s vast point-of-sale (POS) network. The collaboration was unveiled in Abuja during the launch of Awabah’s agent licence.
Turning POS Terminals Into Pension Channels
At the heart of the initiative is a plan to transform everyday POS terminals into pension registration and contribution hubs. Traders, artisans, transport operators and small business owners will be able to enroll in personal pension plans and make recurring payments directly from the same terminals they use for daily transactions.
Nigeria’s pension industry has recorded strong asset growth since reforms introduced two decades ago. However, participation remains largely concentrated among salaried, formal-sector employees.
Omolola Oloworaran, director-general of the National Pension Commission (PenCom), noted that while pension assets have expanded significantly, coverage is still heavily skewed toward formal workers, leaving the majority of Nigerians vulnerable to old-age poverty.
Informal Sector Dominates Workforce
The urgency of expanding pension access is underscored by the scale of Nigeria’s informal economy, which accounts for the bulk of national employment. According to Moniepoint’s 2025 Informal Economy Report, 65 percent of informal businesses report revenue growth. Yet many lack structured savings plans, succession frameworks or long-term financial protection.
Under the agreement, TeamApt — a switching and processing firm licensed by the Central Bank of Nigeria — will deploy its Direct Debit infrastructure across its POS network. This will allow Awabah customers to tokenize their bank cards, automate periodic deductions and manage micropension contributions digitally.
Tunji Andrews, chief executive of Awabah, said the strategy is designed to integrate pensions into existing financial habits.
“No African worker should be one mishap away from poverty. With TeamApt’s Direct Debit service and POS reach, we can enrol market women, mechanics and kiosk owners directly from the terminals they use every day,” he said.
Beyond Retirement Savings
Awabah’s offering extends beyond pension contributions. The company bundles health insurance, accident cover and life insurance into its micropension product, positioning it as a broader financial safety net for informal workers.
Dennis Ajalie, chief executive of TeamApt, said the partnership builds on the group’s longstanding focus on serving Nigeria’s informal economy. Through its co-subsidiary, Moniepoint MFB, the broader Moniepoint ecosystem operates across all 774 local government areas and processes billions of dollars in merchant transactions annually.
Moniepoint reports serving more than 20 million businesses and individuals monthly, with over $250 billion in annual transaction value, making it one of Nigeria’s largest merchant acquirers.
Digitising Social Protection
Analysts say embedding micropensions into existing payment rails could significantly improve retirement participation, provided that trust and consistent contributions are sustained. For workers accustomed to managing daily cash flows, integrating pension payments into routine POS transactions may lower the barriers that have historically discouraged long-term savings.
If widely adopted, the model could deepen pension penetration and convert Nigeria’s extensive POS infrastructure into a powerful distribution channel for social protection — expanding retirement security one transaction at a time.