FCMB Pensions Limited has disclosed that it has disbursed over N200 billion in benefits payouts to retirees and other beneficiaries since its inception.
The Managing Director and Chief Executive Officer of the company, Mr. Christopher Bajowa, disclosed this during an organisational sensitization walk held as part of activities marking the 20th anniversary of the Pension Fund Administration (PFA) in Abuja.
Bajowa stated that despite the milestone, the company remains committed to doing more.
He emphasized that efforts are geared towards deploying digital technologies to get closer to customers and deliver services with speed and efficiency.
He further highlighted the company’s strategic focus on the Micro Pension sector, which is currently a priority area for the regulator, the National Pension Commission (PenCom), to ensure full financial inclusion.
“As you know, at this time, micro pension is the focus area for our regulator and it represents a big opportunity to grow inclusion in the pension industry. Which is why we are commencing this walk to the marketplace where a lot of micro-businesses operate; this will enable us to educate and convince them to be part of the PenCom activities in the country,” Bajowa said.
He noted that despite challenges such as low retiree payouts and high inflation, pension assets under the Contributory Pension Scheme (CPS) have grown to over N26 trillion industry-wide.
The Managing Director explained that the walk, which commenced at the FCMB Pensions office in the Central Business District (CBD) and terminated at the popular Wuse Market, was designed to reach out to micro-businesses.
He assured the public that the initiative is about inclusion and ensuring no part of society is left out of the pension net.
