Stanbic IBTC Enables Enterprising Nigerians, Launch Micro Pension Campaign

L-R: Chief Executive, Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin; Executive Director, Business Development, Stanbic IBTC Pension Managers Limited, Mrs Nike Bajomo and Head, Micro Pension and Agency, Mr Bimbo Oladele, at the launch of Stanbic IBTC Pension Managers’ micro pension campaign, held in Lagos on Thursday (9/5/2019)

By LOVETH AZODO, Lagos

For the benefit of hard working and enterprising Nigerians who do not operate within the formal sector thereby left out in the current Contributory Pension Scheme (CPS) coverage, Stanbic IBTC Pension Managers have deem it fit to launched its Micro Pension Campaign.

The Stanbic IBTC Micro Pension tagged the ‘Game Plan – Retire Well’, launched on Thursday in Lagos was sequel to a formal launch of the micro pension plan (MPP) by President Muhammadu Buhari on the 28 March, 2019,

The CE, Stanbic IBTC Pension Managers, Mr. Eric Fajemisin who spoke to Newsmen during the product launch said “We believe in the principles behind the creation of this product because it is aligned with what we stand for as an organization – enabling progress, enabling enterprising Nigerians to plan, build and secure their future. Indeed our philosophy is to enable your dreams.”

According to Fajemisin, the Pension Funds Administrators (PFA) have 1.7 million RSA holders nationwide on its CPS business with assets under management in excess of N2.8 trillion.

He stated that Standbic Pension Managers paid N3.26 billion to over 55,809 retirees in March, 2019 and have paid out over N635 billion to retirees since the PFA commenced operations in 2006.

Speaking on the newly launched product targeted at the various tiers of demography in the informal sector: the upper class/skilled workers, the middle class/semi skilled, and the lower class/unskilled, he said “our product, Retire Well gives professional and enterprising Nigerians the opportunity to set up a retirement account that will help them build towards a secure Future – Retiring Well to a life of ease.

“Ideally, every Nigerian that has had a productive working life deserves a pension plan to fall back on. But the challenges that workers faced before the reformed CPS scheme remain fresh in our minds.

“This is why it has taken this long for the Micro Pension to come on stream. We have to get it right the first time.”

F”or us, we see this scheme as an opportunity to further our Universal Financial Services offering in the Stanbic group. This product will help strengthen our end-to-end financial services provider proposition. And we will bring with us, the expertise and spirit of excellence that we have applied in the other businesses that we operate under the Stanbic IBTC Holdco structure.”

The Stanbic IBTC Pension Managers who prides themselves as a leader in the Pensions industry in Nigeria, and largest PFA in volume (number of RSA pins issued) and value (Assets Under Management) said “we owe it to the nation to get this right and we also understand our role in ensuring that this new product is adopted and that it succeeds.

“Our approach to this product will be the same as always – We look beyond the product and ask ourselves critical questions like – What does the client really want? How do we add value to the client? How do we make progress real for them? The answers to these questions form the bedrock of our strategy.”

As an initiative designed to cover an estimated 70 percent of Nigeria’s working population, currently in the informal sector the Game Plan – Retire Well Scheme offers enormous benefits to the society, regardless of challenges associated with its seamless implementation.

Among its other benefits is improved standard of living for the elderly, safety of funds and access to other incentives, flexible contribution remittances, the opportunity to make withdrawal prior to retirement and the enhancement of financial inclusion in the country.

Also Speaking, the Executive Director, Business Development, Stanbic IBTC Pension Managers Limited, Mrs. Nike Bajomo, said the company intends to create awareness across the country about ‘Game Plan – Retire Well’ – micro pension scheme to drive adoption even as the PFA continues to engage various stakeholders on developments in the industry to ensure that the provisions of the CPS are fully harnessed to the benefit of all.

Such platforms as Town Hall meetings, Stakeholders fora, Associations’ meetings, Public Awareness programs and exhibitions on TV, Radio & Digital media, among other initiatives Stanbic IBTC Pension Managers will be organised yearly to ensure regular engagement and to drive awareness.

Backed by the experience and expertise of Stanbic IBTC Group which recently marked its 30th anniversary and a member of the Standard Bank Group, Bajomo said the PFA will not relent in providing excellent services to its RSA holders and Nigerians.