Awabah, a digital pension startup that provides micro pension services to both people who are in the informal sector and those whose employers are not legally required to deduct and remit pensions, announced over the weekend that it had been accepted into the Techstars London accelerator program alongside nine other startups.
The accelerator will funnel funds to the selected startups and Awabah plans to leverage on that as it seeks to provide services in five more Nigerian cities over the next six months, and expand to Ghana.
Recall that Awabah had raised US$200,000 from early-stage angel investors which included Correlation Capital and ODBA and Co Ventures in July, and used it to roll out its services in Lagos and Ibadan. It also banked US$120,000.
Speaking on the platform’s unique services, Tunji Andrews, one of Awabah’s founders, said:
“Awabah in simple terms is an aggregator of wealth creation tools that are sorely lacking on the continent.
We onboard the financial service providers, break their products into bite size chunks, sprinkle a bit of the Awabah magic on it, and give this leverage to our customers.
What’s even greater is that our services come completely at no charge to the customer. Financial services should liberate, not enslave.”
The Nigeria-based fintech startup was launched in November, 2020, by Tunji Andrews, Gboyega Olatunde, and Tina Ajishebiyawo with the purpose of providing pension access to Africa’s self-employed.
It specializes in micro pensions schemes to help entrepreneurs, creative freelancers, drivers, artisans, traders and others not registered for a formal pension contribution scheme plan.
With Awabah, customers can:
- Smoothly register for its Micro Pension Scheme under the National Pension Commission
- Make contributions directly to their retirement accounts from
- Keep track of their retirement accounts and opt for frequent updates via email or text message
- Withdraw from their pension accounts directly
Featured Image: Tunji Andrews, Co-founder, Awabah
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