By Cynthia Alo
Given Nigeria’s large Muslim population, the Non-Interest Fund of the Contributory Pension Scheme, CPS, expected to be launched in the last quarter of this year, will help deepen financial inclusion in the country, Managing Director and Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu, has said.
The Non-Interest Fund, which is Fund VI under the Multi-Fund structure introduced by the National Pension Commission (PenCom), is for contributors who choose to have their pension contributions invested in non-interest money and capital market products.
In his speech at a virtual conference to promote ethical investments in Nigeria on non-interest investing hosted by Sigma Pensions, Uduanu stated that when launched, the Non-Interest Fund will boost investments in the nation’s non-interest finance sector.
Uduanu said: “The Non-Interest Fund will take off in the fourth quarter of this year. It will boost interest in non-interest finance and also deepen financial inclusion in Nigeria given the country’s large Muslim population that is not participant in the ethical fund investments and Islamic financing and this is the right time for it.”
The Sigma Pensions boss called on ethical investors to tap into the many investment opportunities which, according to him, abound in the country.
Also speaking at the conference, the guest speaker and MD/CEO, Lotus Capital, Hajara Adeola, commended Sigma Pensions for providing a platform for increasing public awareness about non-interest finance.