Pension contributions to be paid via mobile money

Employees in Ghana’s informal sector have been given a flexible opportunity to enroll on a Pension Scheme.

The move is not only to secure their future but also to help rope more people into the pension space. Ghana currently has about 12 million people in the informal sector.

As a result Dusk Capital, Vodafone and People’s Pension Trust have collaborated to offer a scheme where Mobile Money will be the channel of payment.

The initiative which is the first of its kind is believed to be a game changer in Ghana’s pension space.

The CEO of Dusk Capital, Benard Osei Tutu, believes the move will go a long way to help the industry.

“Many people were worried about the medium of collection. So the coco seller, the palm nut seller and my mum who sits at Mallam Atta Market; who do they contribute to. Now we have brought a simple technology to help,” Mr. Osei Tutu said.

The CEO of People’s Pension Trust, Samuel Bediako Waterberg said his company is keen on addressing the issues that prevent people in the informal sector from signing onto a pension plan.

“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”.

He added: “Vodafone is tried and tested so people can trust it same with People’s 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 trustworthy”.

The head of Vodafone Cash, Matinson Obeng Agyei said Vodafone will soon launch a directory as part of the Mobile Money *110# extension to facilitate the process.

The telecom company has promised to sensitize all its customers to patronize the product.