PenCentral supports micro-pension penetration

Representatives of the PenCentral( (Formerly Pension Central) team at the PENOP Open Day event.

In a bid to boost financial inclusion and cashless payment adoption in Nigeria, PenCentral, formerly Pension Central, has unveiled support for micro pension Open Day, an event organised by the Pension Fund Association of Nigeria (PenOp).

The Micro Pension open day event aimed to drive awareness and acceptance of the Micro Pension Plan (MPP), an initiative introduced to promote pension coverage for the informal sector workers in Nigeria.

Dumebi Obodo, co-founder of PenCentral, while speaking to Arise News, expressed his desire to see the scheme achieve deeper penetration and wider coverage of its intended market through sustainable strategies such as the use of technology and leveraging partnerships with players in the technology space.

He said the Micro Pension Open Day is a welcome development and more of such opportunities were needed to foster the adoption of this scheme as one more tool for driving financial inclusion for the informal sector workers.

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“At the heart of PenCentral’s operations is simplifying the pension remittance process through innovative technology,” Obodo said.

He added that the company has in the last 24 months experienced stable growth and seeks to contribute its fair share towards the expansion of the pensions industry, making remittance and its accompanying benefits more accessible.

Micro Pension open day had in attendance representatives of the National Pension Commission (PenCom) and industry leaders across diverse sectors of the economy, representatives of Nigerian banks and Fintech companies.

The conversations with stakeholders addressed the challenges faced by the Micro Pension Scheme and explored ways to overcome them.

Folake Balogun

Folake Balogun is a technology journalist covering the evolving digital economy, with a focus on startup ecosystems, fintech innovation, artificial Intelligence, venture capital, and emerging technologies. Her work explores the intersection of technology, business, and society by highlighting how innovations such as artificial intelligence and next-generation connectivity are shaping everyday life and economic growth across the African continent and globally. She is a sixth cohort participant in the Technology and Digital Reporting training hosted by the Media Career Development Network in partnership with the U.S. Consulate General, Lagos. Folake is also a Fellow of the Tax Justice and Equity Project (2023 Cohort) by the International Centre for Investigative Reporting (ICIR) with the support of the International Budget Partnership. Through her reporting and analysis, she continues to spotlight the people, ideas, and technologies driving digital transformation.