Awabah, a Nigerian fintech startup, in collaboration with Moniepoint’s TeamApt, has launched a new direct debit feature that enables Nigerians to automate pension contributions via Point-of-Sale (POS) terminals, aiming to expand retirement savings among underserved and informal-sector workers.
The product, demonstrated at a launch event, allows users to set up a recurring direct debit mandate using their bank card at participating POS terminals.
Customers can choose how much they want to contribute and how frequently the deductions should occur, with contributions automatically debited at the selected interval.
Tunji Andrews, Awabah’s chief executive officer, said the solution was designed to eliminate the friction associated with pension savings, particularly for Nigerians who are new to retirement planning.
“What this means is that once someone has set up a personal pension, they can walk to a POS terminal, create a direct debit mandate, and choose to contribute N500 weekly, N200 daily, or any
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