Ecobank Ghana, People's Pension Trust sign partnership agreement

Ecobank Ghana and People's Pension Trust have signed a partnership agreement to serve workers in the informal sector.

Under this association, Ecobank will use its outlets to collect contributions from workers in the informal sector.

In his remark the MD for Ecobank Ghana, Mr. Dan Sackey said “Digitalisation is top on our agenda and we believe that this partnership, which targets the informal sector will support our agenda in digitalizing the pension collection process in the informal sector and promoting financial inclusion within Ghana.

This is an exciting time to be associated with Ecobank Ghana PLC as we rollout products and partnerships aimed at providing additional convenience to our cherished customers.”

According to Mr. Dan Sackey “The current pensions structure offers several opportunities, and we are excited to partner with the various stakeholders in the sector. You are no doubt aware of our Pension backed mortgages to participants of the sector.

Beyond pension backed mortgages, we are now offering effective and digitized solutions for the collection of informal sector pensions. This is the next phase of engagement with the Pensions sector. In our quest for national development, we need to develop the informal pension sector to help mobilize long-term funds and to secure the welfare of our informal sector workers.”

Mr. Sackey proceeded that; “A lot of informal workers in Ghana can’t be sure exactly how much money they make. Getting good income in the informal sector at times depends on the market and at times the weather.

These informal workers in Ghana are often more concerned about how long they will be able to work and afford retirement.

We know informal workers are concerned about their pension as they see older people going through challenges without a pension.

Now Ghanaians are living longer as health care improves. However, because some estimates say over 70% of Ghanaians are employed in the informal sector, many aging informal workers have few options for safeguarding their health and well-being in the long term after they can no longer work.”

This agreement is part of the several partnerships, Ecobank Ghana has signed this year with different organizations to demonstrate its determination to support all of its customers, regardless of their area of work and sector.

On his part the CEO OF People’s Pension Trust, Mr. Saqib Nazir noted that People’s Pension is focused on providing flexible and innovative pensions for all Ghanaians across the employment spectrum for which this partnership with Ecobank Ghana will enable strategic collaborations to make pensions accessible to everyone, particularly workers in the informal sector who are generally underserved.

It is intended that both existing and new customers of People’s Pension and Ecobank Ghana can be reached with pension services and this will culminate in helping to transform individual lives for a better tomorrow and undoubtedly having a ripple effect that will drive improvements across both industries and the country’s economy.

The unique offering that it presents to workers is that it runs on two main legs. That is through the innovative and interactive Ecobank Mobile App, where the PPT Personal Pension Scheme is listed as a biller option and the Ecobank’s Agency Banking specifically called Xpres points, whose main aim is to build entrepreneurs and push financial inclusion to the underbanked population of Ghana.