Challenges

i.Financial Inclusion (Flexible, digitally-driven, and a comprehensive pension package for all): - The PPT Personal Pension Scheme is an innovative voluntary pension scheme that targets workers in the informal sector. It was also designed to provide additional pension funds for formal sector workers who want to enhance their pension benefits.
ii. Financial literacy: Through outreach programs, technology, and collaborative partnerships, members are taken through financial literacy and sensitization programs..
i. Accessibility: The Personal Pension Scheme business model is based on addressing the main factors for exclusion by developing innovative, flexible, and digitally driven pension products to improve accessibility even in areas without internet. Members can access flexible digital financial products across different payment platforms e.g., membership portal, USSD, electronic card payments, QR code, and bank transfers.
ii. Transparency: - Members can digitally access their account details to ascertain payment information via www.peoplespension.global or by dialing the USSD code *798*111#. The ease with which members access their account information enhances transparency and boosts trust. PPT ensures a high level of accountability and ethical standards to secure member data and funds.
iii. Life insurance: - Dependents receive up to four times of a member’s contribution in case of death.

Primary target

Which group does your product/service primarily target?

Description of Innovation

PPT's collaborative and sustainable partnerships with strategic partners such as Ecobank Ghana, SIC Financial Services Limited, Uniti Network, Korba, and AirtelTigo allow large subscriber bases to access easy, secured, and fast pension solutions. In alignment with the Sustainable Development Goals 1, 5 and 8 of ensuring No Poverty, Gender Equality and Women’s Empowerment and Decent Work, and Economic Growth for all, People’s Pension Trust (PPT) under the Scaling Gender-Focused Financial Resilience SGFR program has collaborated with several women-based organizations to increase financial literacy and sensitization on the benefits of long-term savings via its technology-based pension solutions. This program supports informal, marginalized, and excluded female workers and entrepreneurs to secure their future through micro-pensions. Organizations under this partnership include WESEDNET: a group focused on driving economic empowerment, protection, and the promotion of decent work for women in the informal sector. Others are NOORSAC and SONTAABA, pro-marginalized and policy-influencing organizational groups working for social transformation and enhanced living conditions for women, youth, children, and excluded groups.
Members can access flexible digital financial products across different payment platforms e.g., membership portal, USSD, electronic card payments, QR code, and bank transfers. Contributions are divided into two separate sub-accounts: savings and retirement accounts.
PPT’s Personal Pension Scheme is an innovative pension scheme that is designed to accelerate the financial inclusion drive for the underserved financial sector in Ghana and within West African.

Results

i. Financial Inclusion (Flexible, digitally - driven, and a comprehensive pension package for all): - The PPT Personal Pension Scheme is an innovative voluntary pension scheme that targets workers in the informal sector.
ii. Financial literacy: Through outreach programs, technology, and collaborative partnerships, members are taken through financial literacy and sensitization programs to help them in making the right financial choices for business success and to plan for a more secured retirement.
i. Accessibility: The Personal Pension Scheme business model is based on addressing the main factors for exclusion by developing innovative, flexible, and digitally driven pension products to improve accessibility even in areas without internet. Members can access flexible digital financial products across different payment platforms e.g., membership portal, USSD, electronic card payments, QR code, and bank transfers.
ii. Transparency: - Members can digitally access their account details to ascertain payment information via www.peoplespension.global or by dialing the USSD code *798*111#. The ease with which members access their account information enhances transparency and boosts trust. PPT ensures a high level of accountability and ethical standards to secure member data and funds.
iii. Life insurance: - Dependents receive up to four times of a member’s contribution in case of death.