MTN Launches Informal Sector Pension Plan

The joint managers of the plan in a jubilant mood after the launch

MTN Ghana, in partnership with managers of United Pensions Trustees (UPT), Fidelity Bank and Bora Capital, has launched a new pension scheme dubbed, ‘My Own Pension Plan.’

Harold Awuah Darko, Chairman of UPT, said the voluntary pension plan can be accessed after five years of continuous payment or during retirement.

He added that ‘My Own Pension Plan’ is open to individuals aged 15 and above and provides them with secure retirement income, explaining that all transactions are enabled through MTN Mobile Money Account at the convenience of the contributors.

Addressing market women, drivers and commuters at the Kaneshie Market lately, the General Manager, MTN Mobile Financial Services, Eli Hini, indicated that they would convince workers in the informal sector to contribute towards their old age.

“It’s unfortunate that as a country the informal sector workers comprising market women, drivers, among others who form about the 85% of the country’s workforce, have for several years been left out of any form of national social security planning.”

“The country’s pension reforms, over the years, have focused mainly on the formal sector whereas the informal sector workers who form the majority have been neglected,” he mentioned

The General Manager attributed the lack of interest by workers in the informal sector to participate in such schemes to bureaucracies, among others.

He said that MTN and its partners have introduced the scheme, which is flexible and simple for worker in the informal sector due to the high level of mobile phone penetration in the country.

“MTN has well over 12.4 million registered Mobile Money subscribers and based on this, we intend to ensure that they enjoy better lifestyle beyond their active working years,” he added.

By Solomon Ofori

 

 

 

 

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