The much-awaited partnership between Oak Pensions, Nigeria’s leading Pension Fund Administrator (PFA), and the Professional E-hailing Drivers and Private-Owners Association of Nigeria (PEDPAN) became official on Thursday, September 16th, 2021, with the signing of a Memorandum of Understanding (MoU) at Oak Pensions’ office in Lagos. PEDPAN is the professional association that provides advocacy for the welfare of drivers on popular e-hailing platforms.
With this collaboration, Oak Pensions will be providing a micro pension scheme suitable for the e-hailing drivers who were previously faced with the challenge of having no concrete financial plan for the future due to the informal nature of the business.
This micro pension scheme is expected to remit 1% of the 5% PEDPAN cooperative wallet contributed by e-hailing drivers. Every e-hailing driver’s earning is subject to a 5% PEDPAN co-operative wallet deduction.
Mr. Oluwaseun Idris Shonuga, the National President of PEDPAN expressed satisfaction with Oak Pensions’ excellent service. He stated that PEDPAN’s goal and positioning in providing solutions to challenges in the community align with Oak Pensions’ vision and mission. He also expressed confidence in the scheme’s success, citing the full support it has received from stakeholders in the sector, including the Trade Union Congress (TUC). In his words, “we have partnered with several organisations for the benefit of our members, but these partnerships are not complete without adding a pension scheme, and we want to ensure e-hailing drivers enjoy pension schemes like their counterparts in the formal sector.”
The MD/CEO of Oak Pensions, Mr Abdullahi Aliyu articulated his excitement and readiness for the scheme because of the solution it brings to the informal sector. He also stated that Oak Pensions is ready to provide PEDPAN with the needed technological collaboration where necessary.
“The e-hailing drivers are solving a major transportation challenge in the country and need to enjoy long term benefits for their service, and we are delighted to be providing a service that attends to their welfare,” noted the MD/CEO of Oak Pensions.
The PEDPAN cooperative wallet is scheduled to launch in a month to kick off this partnership between Oak pensions and PEDPAN. The event concluded with the official signing of the MOU between Oak Pensions and PEDPAN.