The National Pension Commission says the launch of the Micro Pension plan has opened a unique financial product, which democratizes the savings culture in Nigeria in a systematic and efficient manner.
The Acting Director General of the commission Aisha Dahir-Umar stated this at the launch of the plan in Abuja
Dahir- Umar explained that the product also perfectly aligns with the current social empowerment prgrammes of the Federal Government as it seeks to ensure, in the long term, the sustainability of the benefits of the empowerment programmes for the participants, who may seize this opportunity to save for their old age.
She explained that the Micro Pension Plan targets the significant majority of Nigeria’s working population who, incidentally, operate in the informal sector, stressing that Participants are expected from various informal sector workers including market women, members of the National Union of Road Transport Workers (NURTW), members of Textile, Garment and Tailoring Associations, KekeNapep and Okada Riders Associations, Butchers Associations, workers in the Movie and Performing Art industry,mechanics and other workers in the automotive industry and single professionals like lawyers, accountants and many others.
According to Mrs Dahir- Umar, the Micro Pension Plan is designed to fit the peculiarities of these informal sector groups. The National Pension Commission had extensively engaged all relevant stakeholders and obtained their inputs before the product was developed to suit their requirements.
Mrs Dahir- Umar stressed that the product is flexible with respect to contribution amount and the channel of remittance of contributions to the respective pension accounts.
She noted that access to accumulated contributions is also flexible, seamless and facilitated by technology through varied payment system platforms.