Stanbic IBTC Pension Managers, Nigeria’s leading pension fund administrator (PFA) based on the Q2 2023 report released by the National Pension Commission (PenCom), has successfully paid out ₦1.6 billion to one hundred and fifty (150) customers as of 03 October 2023, enabling them to become proud homeowners. This occurred following the implementation of an approved guideline on accessing Retirement Savings Account (RSA) balance towards payment of equity contribution for residential mortgages by RSA holders released by the National Pension Commission (PenCom) on 23 September 2022.
Stanbic IBTC Pension Managers is enabling its customers to access up to 25 percent of their Retirement Savings Account (RSA) balance as equity contribution for residential mortgages, thereby living up to one of its core values of serving their clients. With this milestone, the PFA is actively closing the affordability gap in Nigeria’s mortgage sub-sector and improving the standards of living of its RSA holders.
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers said “as an organization, one of our main objectives is to ensure that our clients retire well, which aligns with enabling our customers to become homeowners. We leverage customer data and insights which help us to be proactive in meeting their needs. Our team works diligently to ensure that our clients can access a portion of their pension savings as equity contribution towards residential mortgage applications, if they meet the required conditions as prescribed by PenCom.”
This achievement comes on the heels of steady growth in assets under management (AUM) and a customer base of over two (2) million customers as at end of June 2023, thereby positioning the organization as a leading PFA delivering long term competitive returns across its various funds. The recent addition of Experience Centres across major cities is also aiding its commitment to the excellent service delivery to clients. This is in addition to various upgrades to its digital touchpoints such as its mobile app and multilingual call centre.
Oyetan further commented that customers who opt for additional voluntary contributions towards retirement through the Voluntary Contribution option are able to access even more funds to meet their objective when securing their dream homes. Customers can visit the Pension module of the Stanbic IBTC Mobile App or the Stanbic IBTC Pension Managers website to learn more about the application requirements or get other information on the application process. The company’s 24/7 multi-lingual call centre, thirty-nine (39) locations nationwide and Stanbic IBTC Bank branches are also available to customers who want to speak to a staff for further guidance.
Stanbic IBTC Pension Managers believes in empowering its customers with the knowledge and tools they need to achieve their retirement goals. One way the organization enables its customers to achieve their objective of financing their dream home is by supporting the access of up to 25 percent of their RSA contributions as equity to purchase a home under a mortgage scheme.
To enhance customer experience, the organization further provides client-focused engagements like financial fitness sessions, pre-retirement seminars and dedicated employer engagements in various cities across the country. These initiatives offer our customers the avenue to meet representatives of the organization, get industry and regulatory updates, learn about employee management and pre-retirement financial planning. These opportunities are geared towards helping clients build long-term sustainable wealth and retire comfortably.
Lagos Post Online,
Lagos Post is an online publication that seeks to provide fair, unbiased, credible, balanced and useful information about Corporate Organisations, Governments and the General Public by breaking news in Business, Politics, Arts, Entertainment, Culture, and Sports in Nigeria, Africa and the World. As a global news portal, we continually stand for responsible journalism and sound media practice.