By Rosemary Onuoha
The micro pension sector still remains largely untapped as persons in the sector constitute no less than 60 percent of the Nigeria’s population.
Managing Director of IEI Anchor Pensions, Mr. Glory Etaduovie, who made this known, while highlighting the benefits of micro pension to Nigerians and the economy as a whole, said that Pension Fund Administrators, PFAs, should put internal structures in place to grow the micro pension sector.
The structures, he said, include closely monitoring the regulator’s ‘dance’ steps and domiciling same in our companies; Staffing and a robust Information Communication Technology, ICT network enhancement.”
Etaduovie said that micro pension has become an invaluable tool in bridging the deficit in financial inclusion and its ripple effects which, according to him, include zero plans for old age and retirement, in the unstructured business circles.
He stated: “Financial inclusion is total. Total in the sense that this philosophy drags in the so-called underprivileged or low income segment into the opportunities and exposures that financial world offers. A lot of people are shut of a world of opportunities of the financial sector offers to enhance their present and future lives. Though beyond pension only, this platform now sucks them in through their cluster bodies to expose them to the knowledge and benefits of not only pension plans, but puts them into a community of people who can tap into other benefits accrue-able to cluster bodies. This thus makes up for short falls of individual small businesses access to comprehensive financial services available to all. This of course leads to empowerment and economic growth and development.”