Oak Pensions, PEDPAN sign MOU to provide micro pension scheme to e-hailing drivers

With this collaboration, Oak Pensions will be providing a micro pension scheme suitable for the e-hailing drivers who were previously faced with the challenge of having no concrete financial plan for the future

Oak Pensions, Nigeria’s leading Pension Fund Administrator (PFA), and the Professional E-hailing Drivers and Private-Owners Association of Nigeria (PEDPAN) recently signed a Memorandum of Understanding (MoU) at Oak Pensions’ office in Lagos to provide micro pension scheme to e-hailing Drivers.

PEDPAN is the professional association that provides advocacy for the welfare of drivers on popular e-hailing platforms.

This micro pension scheme is expected to remit one percent of the five percent PEDPAN cooperative wallet contributed by e-hailing drivers. Every e-hailing driver’s earning is subject to a five percent PEDPAN co-operative wallet deduction.

Oluwaseun Idris Shonuga, the National President of PEDPAN expressed satisfaction with Oak Pensions’ excellent service. He stated that PEDPAN’s goal and positioning in providing solutions to challenges in the community align with Oak Pensions’ vision and mission.

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He also expressed confidence in the scheme’s success, citing the full support it has received from stakeholders in the sector, including the Trade Union Congress (TUC).

In his words, “we have partnered with several organisations for the benefit of our members, but these partnerships are not complete without adding a pension scheme, and we want to ensure e-hailing drivers enjoy pension schemes like their counterparts in the formal sector.”

The MD/CEO of Oak Pensions, Abdullahi Aliyu articulated his excitement and readiness for the scheme because of the solution it brings to the informal sector. He also stated that Oak Pensions is ready to provide PEDPAN with the needed technological collaboration where necessary.

“The e-hailing drivers are solving a major transportation challenge in the country and need to enjoy long term benefits for their service, and we are delighted to be providing a service that attends to their welfare,” the MD/CEO of Oak Pensions noted.

The PEDPAN cooperative wallet is scheduled to launch in a month to kick off this partnership between Oak pensions and PEDPAN. The event concluded with the official signing of the MOU between Oak Pensions and PEDPAN.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.