• Tuesday, April 23, 2024
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BusinessDay

CrusaderSterling Pensions targets informal sector employees to boost financial inclusion

Pension savings become immediate lifeline with rising unemployment in Nigeria

CrusaderSterling Pensions Limited is looking to explore opportunities in the informal sector through the micro pension plan to boost Nigeria’s financial inclusion project.

Rotimi Adebiyi, managing director, CrusaderSterling Pensions Limited who hinted at the plan said the Pension Fund Administrator (PFA) is committed to encouraging workers in the informal sector, to take up the Micro Pension Plan to secure their financial future.

He said this when he led members of the staff on a pension awareness walk in Lagos, to introduce the Micro Pension Plan to entrepreneurs.

Adebiyi who notes that CrusaderSterling has been leading in terms of return on investment for pension funds of its contributors said the micro pension plan would avail its contributors the opportunity to also enjoy the benefits of having Retirement Savings Accounts.

He said, “We have had a superior performance in RSA Fund II since its inception. We are one of the top players in the industry, and this campaign is to educate our potential clients about the Micro Pension Plan. There are about 40 million workers in Nigeria, but less than about 11 million of those workers have Retirement Savings Accounts under the Contributory Pension Scheme (CPS). Therefore, there is still a very big net yet to be captured within the organised employment sector.

“That’s just on the CPS side. We still have many artisans who do not have pension accounts. That is why we are creating awareness for them to see the benefits of having a pension and opening their pensions with us in CrusaderSterling.”

The pension awareness walk commenced from the CrusaderSterling Pension’s office at Keffi Street in Ikoyi and has expanded to other areas such as Obalende, Falomo Roundabout, Ademola Odeku, and Ahmadu Bello Road in Victoria Island, Lagos.

Many workers and artisans registered to start pension plans with CrusaderSterling during the awareness walk.

A textile seller along Obalende Road said, “I have been enlightened on the need to save for my future. I will start a pension plan with CrusaderSterling.”

A trader at Adeola Odeku, who also got the flyer of the company said, “Pension is good. I will open my pension account with CrusaderSterling.”

The MD also advised young workers to start saving early for retirement so that they can have regular payments when they are in their old age.

To give additional benefits to the retirees, he said the pension operators were working on providing health insurance for the micro pension contributors among other benefits.

While speaking on the benefits of opening a micro pension plan with CrusaderSterling Pensions, Toyin Oduola, head, SME & Informal Sector, said, “We have had a superior return on investment for our contributors. This is an opportunity to make a choice with us.

“They will also enjoy our excellent service because we are very professional and uphold integrity as CPL’s core values. When it comes to customer care too, we ensure that we are reachable to our customers at any time via the CPL self-service portal and mobile application.”