Fintech | Nigeria
Awabah delivers accessible benefits to Africa’s workforce
What they do:
Awabah offers a monthly subscription service for small business owners and Gig workers, providing access to essential financial services such as health insurance, micro pension, life insurance, and accident coverage at an affordable cost.
Awabah ensures seamless delivery of these services to empower individuals to manage their finances effectively.
Why we Invested:
Awabah’s innovative approach to addressing the retirement benefits gap for small businesses and gig workers positions it as a significant player in Africa's expanding pension sector.
In Nigeria, only 10.5 % of the workforce are formally employed and covered by the Contributory Pension Scheme (CPS) of the National Pension Commission (PenCom). As a result of mass-scale pension exclusion, rapid life expectancy improvements, negligible life-time savings and a breakdown of the traditional joint family system, most of these workers face the grim prospect of living the last two decades of their lives in extreme poverty. Without an urgent and effective policy, regulatory and business response to broad-based pension exclusion, poverty among these future elderly persons will emerge as the dominant cause of increased global poverty.
The Founder:
Tunji Andrews is a visionary entrepreneur dedicated to driving financial inclusion across Africa. As the founder of Awabah, he's committed to providing accessible and secure financial solutions for the informal sector. With a deep understanding of the challenges faced by gig workers and small businesses, Tunji leverages technology to bridge the financial gap. His leadership at Awabah, and through platforms like Penpay, reflects his passion for empowering individuals to achieve financial stability and build a better future. His innovative approach is transforming how Africa's workforce engages with financial services.
Active in:
Nigeria
