Awabah and TeamApt want to help ordinary Nigerians build retirement savings

Retirement is an inevitable era for every employee, regardless of their position or the Industry they work in. In Nigeria, retirement is a holy grail of uncertainties due to the absence of structured financial guardrails that help employees prepare for the twilight years of their lives. The situation is worse for the informal sector, as the few pension service providers in the country focus on the formal sector, which has a more predictable income.

The National Pension Commission (Pencom) is working to close this gap and recently licensed Awabah, a budding Pension Tech startup, as the first Accredited Pension Agent (APA) to enrol contributors under the Personal Pension Plan (PPP).

“TeamApt has partnered with Awabah to bring this vision to scale. Through our direct debit service and payment infrastructure, pension contributions can now be made at a POS terminal in a market or neighbourhood, as simply as topping up airtime or paying a bill,” Bisola Evboren, Communications Lead at TeamApt, told Condia  

“The partnership is about extending access, putting retirement savings within reach for workers across every corner of the country.”

In simple terms, TeamApt, a subsidiary and technical arm of Moniepoint Inc, is scaling its partnership with Awabah by leveraging existing PoS networks. The Central Bank of Nigeria licensed TeamApt as a switching and processing company focused on providing infrastructural solutions that move money at scale.

“As a subsidiary of Moniepoint Inc., we have a shared focus on powering the informal economy. Today, in conjunction with our co-subsidiary Moniepoint MFB, we operate in all 774 local government areas in Nigeria, serving the millions of businesses and individuals who form the backbone of our economy. That reach is a group effort.” Evboren explained.

She added that the partnership with Awabah is a natural extension of what they do at TeamApt. According to her, the partnership will help bring pension contributions into the same infrastructure that everyday Nigerians already use for their financial transactions.

“It is the kind of transformative work we believe Nigeria needs more of,” said Evboren.

The PoS model, a strategic choice optimised for reach and easy access

TeamApt’s strategy of using PoS as a vehicle for scale in this partnership appears to be a smart one. It aligns with the staggering figures from Nigeria’s PoS economy. By choosing the PoS model, TeamApt hopes to tap into its massive network in Nigeria’s financial space.

“The PoS model was chosen because it meets people where they already are. Millions of Nigerians interact with PoS agents regularly as part of their financial lives. Using that same touchpoint for pension contributions removes any friction that might otherwise discourage participation,” Evboren explained.

The idea is to erase all forms of bureaucracy and paperwork associated with the pension process. The new idea will make pension contributions as easy as withdrawing or depositing money.

“A worker should be able to make a contribution quickly, without paperwork or complexity,” said Evboren.

The PoS Model chosen for this partnership achieves a dual purpose. Reach and easy access, two variables necessary for efficient scaling. The PoS system has successfully displaced ATM’s as the nation’s primary money mover. As of mid 2025, Nigeria had 8.36 million registered PoS terminals, with about 5.9 million of them currently active.

Pensions, like insurance, are essential financial services needed for a healthy workforce in any serious nation. Awabah’s Initiative to extend this service to the Informal sector is a progressive one. It highlights once again how technology can be used to address essential real-life problems.

Last updated: March 12, 2026