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Africa Pensions Supervisors’ Network Programme

Overview

Abstract

Africa’s pension assets represent less than 1% of global assets, with a pension coverage of only 9.6%, putting a significant percentage of the elderly at risk of old age poverty.

The Programme aims to support holistic interventions that will ultimately encourage long-term (retirement) savings and create facilitative policy, regulatory and industry environment to support appropriate deployment and investment of the pension assets into the real sector. The Programme will convene pension sector actors across Africa to resolve common challenges in SSA’ pensions sector.

The interventions will ultimately encourage long-term savings, appropriate deployment, and investment of pension assets. The initiative also aims to increase pension literacy and awareness of retirement products and investments.

Results

  • Contribute to an increase in pensions coverage and assets under management that will promote economic development and lead to poverty reduction
  • Facilitate supportive regulatory conditions and a favourable ecosystem for pension reforms
  • Enhancing sustainable/Climate-related investments
  • Improved capacity and knowledge of best-practice pensions and asset allocation approaches.

Project Details

Project Title

Africa Pensions Supervisors’ Network Programme

Implementing Partner

Pension Fund Regulators in Kenya, Ghana, Nigeria

Donor(s)

FSD Africa

Value (in £)

TBC

Implementation Period

October 2021 – September 2025

Countries Covered

Sub-Saharan Africa (SSA)

Project Description

Africa’s pension assets represent less than 1% of global assets, with a pension coverage of only 9.6%, putting a significant percentage of the elderly at risk of old age poverty.

The Programme aims to support holistic interventions that will ultimately encourage long-term (retirement) savings and create facilitative policy, regulatory and industry environment to support appropriate deployment and investment of the pension assets into the real sector. The Programme will convene pension sector actors across Africa to resolve common challenges in SSA’ pensions sector.

The interventions will ultimately encourage long-term savings, appropriate deployment, and investment of pension assets. The initiative also aims to increase pension literacy and awareness of retirement products and investments.

Target results

  • Contribute to an increase in pensions coverage and assets under management that will promote economic development and lead to poverty reduction
  • Facilitate supportive regulatory conditions and a favourable ecosystem for pension reforms
  • Enhancing sustainable/Climate-related investments
  • Improved capacity and knowledge of best-practice pensions and asset allocation approaches.

Progress

  • FSD Africa supported the annual Africa Pensions Supervisors Forum (APSF) held in Kigali on July 14-15, 2022.
  • FSD Africa and APSF signed a Memorandum of Understanding (MOU) to collaborate on various initiatives, including the setting up of the Africa Pension Supervisors Network secretariat.
  • Work with the Nigeria Pension Commission (PENCOM) on developing guidelines for offshore investments by pension fund administrators is ongoing.
  • Negotiations with the Kenya Retirement Benefits Authority (RBA) and the Ghana National Pension Regulatory Authority (NPRA) on MOUs to collaborate on country-specific initiatives are ongoing.

Contact

Updated: October, 2022