1.2 billion mostly young, non-salaried workers in Asia, Africa and Latin America are excluded from formal pension arrangements.
With increasing life expectance, a breakdown in traditional support from children in old age and tiny lifetime savings, all of them face the grim prospect of living in poverty for over 20 years when they’re too old to work.
Women are even more vulnerable to old age poverty as they live longer than men but earn lower incomes, face frequent employment interruptions and experience greater financial exclusion.
Without an urgent and effective policy, regulatory and business response to pension exclusion, poverty among our future elderly will rapidly emerge as the dominant cause of increased global poverty.
A tax-funded pension of even US$1 per day to the projected 750 million elderly in Asia and Africa alone would cost US$270 billion a year by 2050.
On the other hand, even modest pension contributions by excluded citizens could generate over US$1 trillion in long-term savings within the next decade.
Harness modern developments in ID, payments and mainstream finance to establish an effective product and process architecture that provides secure and convenient access to simple and affordable micro-pension solutions.
Put sustained energy and innovation into retirement literacy and market development in "mission mode" to encourage mass-scale voluntary enrolments and regular pension contributions even by citizens with irregular incomes.
pinBox is the only entity globally that provides ready-to-deploy yet customised solutions for comprehensive microPension and microinsurance inclusion.
We work with governments, regulators, pension administrators, multilateral and bilateral aid agencies and foundations, mainstream financial institutions and large social enterprises.
We help design, build and administer inclusive, digital micro-pension programs for informal sector citizens across Asia, Africa and Latin America.
Customised, integrated microPension IT platform for:
Dedicated “mission office” or PMU support for:
UNCDF and PFIP supported BPNG and NASDUND in developing a digital micro-pension solution for PNG’s 5 million non-salaried workers.
With a listing sample of over one million households and in-depth interviews with some 106,000 respondents, the IIIS Survey, 2007 is still among the largest retail finance research efforts globally.
12 October 2017 | Georgetown University, Washington D.C.
This by-invitation roundtable took place at the Georgetown University Campus at Washington D.C. on 12 October 2017.
The Government of Rwanda is on the verge of launching a fully digital, NID-linked, DC micro-pension scheme for its ~6 million non-salaried workers.
The National Treasury and RBA have launched a comprehensive study on the Kenya MBAO micro-pension scheme targeting ~10 million Jua Kali members.
URBRA and World Bank have completed a study for expanding voluntary pension coverage to ~15 million non-salaried informal sector workers in Uganda.
The FIRST Project helped PFRDA develop a replicable, field-tested model for expanding voluntary pension coverage to India’s ~400 million non-salaried workers.
FSD Uganda helped URBRA in undertaking a detailed assessment of a new micro-pension scheme targeting Uganda’s informal sector workforce.
The pinBox Pension Inclusion Toolkit provides customised fiscal and business simulations for governments, regulators, pension administrators, plan sponsors, intermediaries and beneficiaries.
PFRDA and the Indian Ministry of Finance have developed a field-tested model for cross-selling contributory pensions to the 300 individuals with NID-linked bank accounts.
The Bangladesh Finance Ministry recently undertook a feasibility study for establishing a private pensions market for its ~50 million informal sector workers.
AFR assisted the Rwanda Ministry of Finance in designing a national micro-pension scheme that will leverage existing digital financial inclusion infrastructure.