85% of people in the informal sector to be enrolled to a pension scheme

People in the informal sector of the economy would soon have the opportunity to enrol on viable pension schemes in the country.

Three companies, Peoples Pension Trust, Dusk Capital and Vodafone Cash aim to ease access to a pension program by taking advantage of the Vodafone cash platform. Up to 85 percent of the informal sector have been targeted.

Speaking to CitiFM, the CEO of Peoples Pension Trust Samuel Bediako Waterberg noted lengthy and bureaucratic processes prevented many from getting onto traditional pension schemes.

“You don’t have to go to the bank and fill a form to pay just five cedis, with your Vodafone cash you can just with a click of a button pay for your pension, this scheme is governed by the NPRA, so the government is also involved.”

According to him the two companies rolling out the initiative have credible and remarkable records.

 “Vodafone is tried and tested so people can trust it same with Peoples Pension Trust. We have support from some of the biggest pension companies in the world supporting us. Dusk Capital is licensed by NPRA so all the parties involved are trust worthy.”

The product would allow subscribers to “check their balance on their phones in a very simple way, so with partnership you can pay your pension, check your balance, and also communicate with us no matter where you are in the country,” he added.

The partnership between the companies aim to address the challenges of Trust, Accessibility and Collection of funds

The National Pension Regulatory Authority (NPRA) last year introduced incentives to encourage the participation of Corporate Trustees to come up with initiatives to maximize the pension coverage of persons in the informal sector.

Some of its incentives include reduced licensing fees.