SmartPensions targets informal sector workers as People’s Pension Trust, Pan-African launch retirement scheme

People’s Pension Trust Ghana Limited and Pan-African Savings and Loans have officially introduced SmartPensions, a new retirement savings program focused on informal sector workers. The joint venture, announced at Madina market in Accra, aims to expand pension coverage and make retirement planning more accessible to Ghanaians. Targeting traders, artisans, drivers, entrepreneurs, and other self-employed individuals, the program allows participants to contribute daily, weekly, or monthly towards their retirement.

People’s Pension Trust CEO Ibrahim Issaka emphasized that the initiative targets workers in the informal sector who often lack structured retirement arrangements. "The market trader, the entrepreneur, the artisan and the self-employed person also deserve a comfortable and dignified retirement," he stated. By partnering with Pan-African Savings and Loans, the program seeks to bring pension services closer to people in their daily environments.

Jacqueline Dufie Mpare, Managing Director of Pan-African Savings and Loans, highlighted that the scheme empowers informal sector workers to achieve financial independence during retirement rather than relying on their children. She encouraged traders and market women to start saving, emphasizing that consistency is more crucial than the initial amount contributed. "Do not wait until you have plenty before you begin; whatever you can spare today will be worth more to you tomorrow."

EDC Investments Limited CEO Paul Mante underscored the need for more than just saving money, stressing the importance of investing contributions to foster long-term wealth creation. "Earning money and building wealth are two different things. A person can work for thirty years and still retire with nothing. Hard work alone is not a financial plan," he explained.

Mante detailed that SmartPensions accommodates workers with irregular incomes by offering flexible daily, weekly, and monthly payment options. Contributions are invested in compliance with pension regulations and investment guidelines, aimed at growing members' retirement savings.

Mante stressed that saving alone is insufficient; investments are necessary to enhance the growth of retirement funds. The initiative reflects the three organizations' commitment to enhancing financial inclusion and extending structured retirement savings to underserved workers who have historically been excluded from formal pension arrangements.