#Penpay, Quickteller Move to Empower Informal Workers with Retirement Savings Solution
By THECONSCIENCEng
Penpay, a product aimed at building the largest distribution network for financial services in Africa, has announced a partnership with Quickteller, the leading consumer digital payments platform, powered by Interswitch, one of Africa’s leading integrated payments and digital commerce companies.
The collaboration aims to provide informal sector workers with access to structured retirement savings plans through Quickteller. With PenPay now available at ATMs nationwide, millions of Nigerians will have the opportunity to secure their financial future.
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.
Recognizing 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.
The collaboration will allow informal sector workers to contribute to their retirement savings through PenPay at various Interswitch-enabled ATMs across Nigeria. This accessibility will empower millions of individuals who previously had limited options when it came to securing their financial future.
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PenPay’s integration with Interswitch’s Quickteller platform is a game-changer for the future of financial inclusivity in Africa. The partnership will not only facilitate retirement savings for informal sector workers but will also contribute to the overall economic growth and stability of the nation.
By unlocking the potential of these workers, the partnership aims to drive financial resilience and prosperity for individuals and communities across Nigeria.
Moreover, with PenPay’s robust network and Interswitch’s wide reach, this collaboration has the potential to extend its impact beyond Nigeria’s borders, positively influencing the lives of millions in the region.
Commenting on this partnership, Oluwaseun Adekanbi, Growth Manager at PENPAY, stated, “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.”
Also commenting on the partnership, Omoniyi David-Mosaku, the Insight and Growth Specialist, Corporate Ecosystems at Interswitch also 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.”
This collaboration between PENPAY and Interswitch marks a pivotal moment in the journey towards economic development and financial inclusion. By offering retirement savings to the informal sector workforce, they aim to create a society where every individual can build a secure financial future.
