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FMA Participates at the Africa Pensions Supervisors Association Annual Conference 2023
News
The 2023 Africa Pension Supervisors’ Forum, co-hosted by the Africa Pension Supervisors’ Association (APSA), FSD Africa, Uganda Retirement Benefits Regulatory Authority (URBRA), and pinBox Solutions, aimed to initiate an actionable dialogue for expanding pension coverage to non-salaried informal sector workers. The event served as the launchpad for collaborative action.
Key Objectives
Inclusive Pension Systems: The forum will emphasize the importance of inclusive pension systems that offer secure and accessible micro-pension and micro-insurance products, encouraging individuals to save for retirement. Modern advancements in ID, IT, and digital financial inclusion will play a pivotal role in this effort.
Economic Growth: By motivating just 10 percent of the excluded workforce to save $1 a day, it is possible to generate approximately $0.5 trillion in new, long-term savings over the next decade, igniting economic growth, infrastructure development, and employment opportunities across Africa.
Reduction of Vulnerability: The forum will showcase the efforts of African nations in implementing contributions-led micro-pension programs aimed at reducing vulnerability in old age. Such initiatives can alleviate budgetary pressures, boost domestic savings, and enhance capital market depth.
