Quickteller, Penpay Partner To Create Novel Retirement Plan For Nigeria’s Informal Sector
PenPay, financial service provider with the goal of building the largest distribution network in Africa, is partnering with Quickteller, leading consumer digital payments platform powered by Interswitch, to provide informal sector workers with structured retirement savings plans.
With PenPay now available at ATMs nationwide, millions of low income workers in Nigeria will now have the opportunity to secure their financial future.
Speaking on the partnership, Oluwaseun Adekanbi, Growth Manager at PenPay, said, “We are thrilled to join forces with Interswitch to empower the informal sector workers across Nigeria. Through this collaboration, we will ensure that everyone, regardless of their employment type, can access retirement savings and plan for their financial future. This is a significant step towards achieving our mission of fostering financial inclusivity in Africa.”
In addition, Omoniyi David-Mosaku, Insight and Growth Specialist, Corporate Ecosystems at Interswitch, said, “This partnership with PenPay will further boost our sustained efforts to deepen financial inclusion across Nigeria and beyond. We are excited about this partnership with PenPay, a powerful step towards empowering informal sector workers with a secure path to retirement.”
The informal sector constitutes a significant portion of Africa’s economy, accounting for a significant number of workers. However, due to the lack of formal employment and access to financial services, many individuals in this sector often struggle to plan adequately for their retirement. Recognising this challenge, PenPay and Quickteller have joined hands to bridge the gap and ensure that no informal sector worker is left behind.
PenPay, with its extensive distribution network, offers an innovative and convenient solution for individuals to save for their retirement. By leveraging Interswitch’s well-established Quickteller platform, PenPay will have the ability to reach both online and offline customers, significantly expanding its accessibility and impact