Enterprise Trustees, Sinapi Aba launch ‘Asetenapa Plan’ to promote retirement savings among informal workers

Enterprise Trustees, in collaboration with Sinapi Aba Savings and Loans, has introduced the Asetenapa Plan to foster retirement savings among Ghana’s informal workers. This pension scheme targets market traders, small business owners and self-employed individuals who often struggle with saving for the future due to immediate financial needs.

The initiative encourages regular contributions, regardless of income level, to ensure financial security during retirement. Ransford Mate-Kole, Enterprise Trustees’ Head of Advisory, noted that savings can be made daily, weekly or monthly based on members’ income and financial capacity. He emphasized that retirement planning is essential for everyone, urging workers to establish the habit of saving while still earning.

The Asetenapa Plan also offers life insurance, providing beneficiaries with a payout of 2,500 upon the member’s death. Additionally, members hospitalized for over two days at a registered Ghana Health Service facility are entitled to a daily payment of 50 for up to 30 days. Enterprise Trustees will leverage its pension management expertise and Sinapi Aba’s extensive network among informal sector workers to enhance access to retirement planning and promote a savings culture.

Contributions to the plan are voluntary, enabling members to decide on the amount and frequency of their savings, with a digital platform for registration and contributions. Sinapi Aba CEO, Aaron Rex Opoku-Ahene, highlighted that the initiative’s success would be measured by the number of pension accounts opened, as well as improvements in financial awareness, savings habits, and long-term security for beneficiaries.

He stressed that workers in the informal sector deserve the same retirement planning opportunities as those in the formal sector, regardless of income, occupation, gender or location.