TeamApt Limited, a leading payment infrastructure company, has partnered with digital pension agent platform, Awabah, to power Pension Direct, a micro-pension solution for self-employed and informal-sector workers. The partnership was announced at the launch of Pension Direct in Lagos.
By this, TeamApt’s Direct Debit service powers Pension Direct, enabling self-employed and informal-sector workers to enrol in, and contribute to personal pensions through Moniepoint POS terminals.
For over a decade, TeamApt has powered core banking and payments infrastructure for a wide range of financial institutions across Nigeria, including Moniepoint MFB. Through this partnership, TeamApt’s Direct Debit infrastructure enables Pension Direct to automate recurring pension contributions on the web and at point of sale devices, making it easier for workers outside the formal employment sector to save consistently for retirement.
With Pension Direct, users can enrol in a personal pension in a few clicks at a POS terminal, tokenise their card, and set up automatic, recurring contributions. TeamApt’s Direct Debit service securely processes these recurring payments in the background, transforming the everyday agent locations Nigerians already visit into pension enrolment and payment points. This significantly reduces the friction that has long kept retirement savings out of reach for workers outside the formal payroll system.
Moniepoint MFB was announced as the first distribution network to offer Pension Direct through its POS terminals, leveraging one of Nigeria’s largest agent networks, which spans all 774 local government areas. Over time, TeamApt and Awabah plan to expand the solution to additional distribution networks, broadening access to micro-pensions for millions of underserved workers across the country.
“Financial inclusion isn’t only about giving people access to payments; it’s about giving them access to the financial tools that help them build long-term security,” said Managing Director/CEO, TeamApt, Dennis Ajalie. “For millions of Nigerians in the informal economy, contributing consistently to a pension has often been difficult because the underlying infrastructure wasn’t built for the way they earn and spend, unlike formal sector workers whose pension savings are made almost automatic through payroll deductions.”
He added: “We created our Direct Debit service to address exactly this, because we know long-term contributions need card tokenisation and recurring mandates that hold up over years. By combining this infrastructure with Awabah’s pension expertise, we are making long-term savings just as seamless for artisans, traders and other self-employed Nigerians.”
Building on more than a decade of powering payment and banking infrastructure for financial institutions across Nigeria, TeamApt intends to expand the availability of its Direct Debit service to more partners and sectors. Beyond pensions, the infrastructure is designed to support recurring payments for a wide range of use cases, including insurance, investments, and other long-term financial services, helping more businesses deliver seamless payment experiences while expanding access to essential financial products.
