By Priscilla Obuor
Kumasi Oct. 14, GNA – Sinapi Aba Savings and Loans, has launched a new pension product, Asetenapa, to provide retirement security for Ghana’s informal sector.
The pension scheme, which was unveiled at a ceremony in Kumasi, was developed in partnership with Enterprise Trustees.
The product targets micro-entrepreneurs, small business owners and workers in the informal sector including market traders, artisans, drivers and farmers, who have historically lacked structured social protection.
Mr. Aaron Rex Opoku-Ahene, the Chief Executive Officer of Sinapi Aba, said over the past 20 years, the bank had served over 623,000 clients, and explained that
Asetenapa was tailored for marginalised groups, young entrepreneurs, farmers and traders, whose incomes were modest, irregular or seasonal.
He said effective retirement planning was essential to shielding families from unexpected financial shocks and ensuring dignity in old age.
Mrs. Vida Marfo, the Head of Banking at Sinapi Aba, speaking at the ceremony, said financial security should not be an exclusive privilege for a selected few, but should be accessible, convenient and reliable for all hardworking individuals.
She said by collaborating with Enterprise Trustees, Sinapi Aba was bridging the pension coverage gap by delivering flexible and reliable retirement and savings solutions.
She said the partnership merged Sinapi Aba’s deep grassroots reach with Enterprise Trustees’ expert pension administration capabilities.
Mrs. Marfo said: “Asetenapa was uniquely designed to help informal workers build a safety net outside the traditional formal employment structure, while cultivating disciplined saving habits to achieve long-term financial independence and dignity.
Dr Hayford Adjei, Senior Lecturer at the Kumasi Technical University, said many people mistakenly assumed retirement planning could wait until they had only 10 or 15 years left to retire.
“If you want to enjoy tomorrow, you need to start today, as tomorrow is waiting for you and brings its own difficulties,” Dr Adjei stated.
He said the best time to prepare for retirement was while actively earning, and advised the public not to wait for a large sum before starting.
Dr Adjei said small amounts compounded over time and waiting for a bigger amount often led to never starting at all.
He said depending entirely on children who might themselves face unstable economic conditions could lead to failure.
Mr Ransford Mate-Kole, the Head of Advisory and Marketing at Enterprise Trustees Limited, said the initiative was designed for the informal sector including market women, petty traders and drivers who constituted about 80 per cent of Ghana’s workforce.
He said the core mission was to address vulnerability associated with old age by enabling individuals to build a retirement fund gradually.
Mr Mate-Kole said formal contracts or huge capital were not required to start, as individuals could set aside small amounts regularly to secure their future.
He said the initiative was centered on promoting dignity in retirement and ensuring that the future was built by one’s own hands.
GNA
Edited by Kwabia Owusu-Mensah/Benjamin Mensah