Non-interest pension fund will drive financial inclusion – PenCom DG
The Director General of the National Pension Commission, Ms. Omolola Oloworaran, has stated that the introduction of the non-interest pension funds will aid in driving financial inclusion and provide investment options for Nigerians The DG made the disclosure in Abuja at the inauguration of the Pension Industry Non-Interest Advisory Committee (PINAC). She noted that in […]
omolola bridget oloworaran
The Director General of the National Pension Commission, Ms. Omolola Oloworaran, has stated that the introduction of the non-interest pension funds will aid in driving financial inclusion and provide investment options for Nigerians
The DG made the disclosure in Abuja at the inauguration of the Pension Industry Non-Interest Advisory Committee (PINAC).
She noted that in recent years, Nigeria has witnessed increasing demand for non-interest financial products, driven by a growing awareness of ethical finance principles and the need for alternative investment avenues.
On the rationale for setting up an advisory committee, she said “The introduction of Non-Interest Pension Funds (Fund VI) was a groundbreaking step in this direction, providing an investment option that is free from interest-based instruments while still ensuring competitive returns for contributors.
“However, the development of this segment requires structured guidance, expert insights, and collaborative strategies to navigate regulatory, operational and market challenges. This is precisely why we have established this Advisory Committee to serve as a think tank, providing recommendations on best practices, governance structures, product development, and compliance with non-interest finance principles.
The successful implementation of non-interest pension offerings will not only enhance financial inclusion but also attract a significant portion of the unserved and underserved population into the pension system,” the DG stated.
In his response, the committee chairman, Professor Adam M. Abubakar, pledged the committee’s commitment to positively impact the growing ethical fund and strive to achieve its mission and objectives as outlined in Section 2(1) of the operational framework of Fund VI.