Stanbic IBTC Pension Managers, Nigeria’s leading pension fund administrator (PFA), has marked a significant milestone by enabling 150 of its customers to become proud homeowners. According to the Q2 2023 report released by the National Pension Commission (PenCom), the PFA successfully paid out N1.6 billion to these customers as of October 3, 2023.
This achievement stems from the implementation of an approved guideline by PenCom on accessing Retirement Savings Account (RSA) balances for the payment of equity contributions for residential mortgages. The guideline, released on September 23, 2022, allowed Stanbic IBTC Pension Managers’ RSA holders to access up to 25 percent of their RSA balance as equity contribution for residential mortgages.
Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, expressed the organization’s commitment to ensuring their clients retire well and become homeowners. He stated, “We leverage customer data and insights 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.”
The success of this initiative comes amidst a period of steady growth in assets under management (AUM) and a customer base of over two million customers as of June 2023. Stanbic IBTC Pension Managers’ recent expansion with Experience Centres in major cities and enhancements to its digital touchpoints, including a mobile app and multilingual call center, has contributed to its commitment to excellent service delivery.
Oyetan further highlighted that customers opting for additional voluntary contributions towards retirement through the Voluntary Contribution option can access even more funds to secure their dream homes. Interested customers can visit the Stanbic IBTC Pension Managers website or the Pension module of the Stanbic IBTC Mobile App for application requirements and further information. A 24/7 multilingual call center, along with 39 locations nationwide and Stanbic IBTC Bank branches, is also available for customer inquiries.
Stanbic IBTC Pension Managers not only aims to empower its customers with the tools they need to achieve their retirement goals but also supports them in financing their dream homes by providing access to 25 percent of their RSA contributions as equity for home purchases under a mortgage scheme.
To enhance customer experience further, the organization offers client-focused engagements, including financial fitness sessions, pre-retirement seminars, and dedicated employer engagements across various cities in Nigeria. These initiatives provide customers with valuable industry insights, regulatory updates, and guidance on employee management and pre-retirement financial planning, all geared towards helping them build long-term sustainable wealth and retire comfortably.
Stanbic IBTC Pension Managers continues to lead the way in the pension fund administration industry, actively closing the affordability gap in Nigeria’s mortgage sub-sector and improving the standards of living for its RSA holders. With its customer-centric approach and commitment to client satisfaction, the organization is set to pave the way for more success stories in the future.