PFAs target 15 million artisans by mobile phones

PENCOM

Pension operators under the Contributory Pension Scheme are developing framework to allow about 15 million artisans have Retirement Savings Accounts using the mobile money platform.

Although, the Pension Reform Act 2004 does not allow the informal sector to have accounts with the Pension Funds Administrators, individuals and groups, under this arrangement will soon be allowed to join the scheme, when the National Pension Commission releases the guideline on this.

The Managing Director, ARM Pension Managers (PFA) Limited, Sadiq Mohammed confirmed this to our correspondent in an interview.

Although, the mobile money platform in the country is not fully developed, Mohammed said operators were working on how to build it into the framework for the informal market.

The ARM PFA boss noted that the guideline for the informal sector was still under review, adding that there was a draft issued by PenCom.

He said there was a need to review it further because the informal market was not as organised as the formal market.