Pension For All scheme powered on Vodafone cash launched

By Lorlornyofm May 5, 2017 05:52

Pension For All scheme powered on Vodafone cash launched

A new partnership has been signed by three companies to provide easier and quick pension solutions to all workers in Ghana particularly those in the informal sector.

People’s Pension, a trustee licensed by the National Pensions Regulatory Authority, Vodafone Ghana, operators of Vodafone Cash, and Dusk Capital who are fund managers, launched the mobile money enabled pension scheme at a short ceremony in Accra, Thursday.

The scheme is to provide all Ghanaian workers the opportunity to save money towards a secured and more fulfilling future by making voluntary contributions through vodafone cash.

The CEO of People’s Pension Samuel Walterberg told the new pension scheme is to bridge the trust gap workers  have about previous pension schemes.

“Trust is an issue, accessibility of pension and then collection. So I wanted to bring people on board that have the needed trust and to make pension accessible for all,” he said.

“With mobile phone cash and we all know about 95% of Ghanaians have mobile [phones]. If you have a mobile phone and you subscribe for mobile money then you have the opportunity to save for a pension,” he said.

Explaining the modalities for the new pension scheme, Mr Walterberg said:

“You have to sign on Vodafone Cash,  and then you register on People’s Pension for all  after which you can start to pay. So you decide how much and when you want to pay,” he said, adding, “after payment we also give you access to check your account to see if we have received your money and the investment to be done with your money.”

Bernard Osei Tutu, CEO of Dusk Capital who are the fund manager of the pension scheme said their role is to ensure the “highest standard of integrity and accountability.”

“This has never happened in our industry as far as pension is concerned,” he said.

He explained the payment structure currently prevailing in the pension industry makes it difficult for workers, particularly in the informal sector to pay for their future financial security but the pension for all scheme makes it easier for everyone to contribute.

“With Vodafone cash coming on board, it becomes easier. At the comfort of your room you can sit and dial a code and send your money.

“Before this [scheme] somebody would have to walk to the bank only to pay Ȼ2.00,” he intimated, a scenario which prevents low income earners from contributing towards their future.

Osei Tutu said the funds accrued will be invested in better portfolios that will give better rates of interest for contributors.

The Corporate Affairs Manager for the National Pensions Regulatory Authority, regulators of the Pension Emmanuel Awuku Dagbanu said his outfit will ensure that the challenges which confronted the microfinance scheme in the recent past will not be replicated in the pensions industry.

“We will try as much as possible to make sure the industry is well regulated. Pensions can be somebody’s last resort,” he said, assuring that the three partners in this pension scheme have been licensed and will be monitored to ensure that they protect the interest of contributors.

He said both the trustees and the NPRA should be held responsible in the event of breach of trust.

Source: Ghana|

By Lorlornyofm May 5, 2017 05:52
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*