Stanbic IBTC Pension Managers, a leading pension fund administrator in Nigeria, has made significant strides in enabling its customers to become proud homeowners. As of October 3, 2023, the organization has disbursed ₦1.6 billion to 150 customers, allowing them to access home ownership.
This achievement is a result of the implementation of a guideline approved by the National Pension Commission (PenCom) on September 23, 2022, which permits Retirement Savings Account (RSA) holders to use up to 25 percent of their RSA balance as equity contribution for residential mortgages. Stanbic IBTC Pension Managers has embraced this guideline, aligning with its core value of serving its clients and closing the affordability gap in Nigeria’s mortgage sub-sector.
Olumide Oyetan, the Chief Executive of Stanbic IBTC Pension Managers, expressed the organization’s commitment to ensuring its clients retire well and become homeowners. He emphasized the importance of leveraging customer data and insights to proactively meet their needs and the dedication of the team to ensure clients can access a portion of their pension savings for residential mortgage applications, provided they meet the necessary conditions as prescribed by PenCom.
This achievement follows steady growth in assets under management (AUM) and a customer base of over two million customers as of the end of June 2023, positioning Stanbic IBTC Pension Managers as a leading Pension Fund Administrator (PFA) delivering competitive returns across various funds. The organization has also expanded its presence by introducing Experience Centres in major cities, enhancing its commitment to excellent service delivery. Digital touchpoints such as its mobile app and multilingual call center have been upgraded to further enhance customer service.
Oyetan highlighted that customers who choose additional voluntary contributions for retirement through the Voluntary Contribution option can access even more funds to realize their dream of securing a home. Customers interested in learning more about the application requirements or the process can visit the Pension module of the Stanbic IBTC Mobile App or the Stanbic IBTC Pension Managers website. The company’s 24/7 multilingual call center, 39 locations nationwide, and Stanbic IBTC Bank branches are available for customers seeking further guidance.
Stanbic IBTC Pension Managers is dedicated to empowering its customers with the knowledge and tools they need to achieve their retirement goals. One way the organization supports this objective is by enabling customers to use up to 25 percent of their RSA contributions as equity to purchase a home under a mortgage scheme.
To enhance the customer experience, Stanbic IBTC Pension Managers provides client-focused engagements such as financial fitness sessions, pre-retirement seminars, and dedicated employer engagements in various cities across the country. These initiatives offer customers opportunities to meet with the organization’s representatives, receive industry and regulatory updates, and gain insights into employee management and pre-retirement financial planning. These initiatives are designed to help clients build long-term, sustainable wealth and retire comfortably.
