PinBox has in the past assisted the Government of Rwanda in launching Africa’s first fully digital, government-sponsored micro-pension and insurance scheme, which has nearly 1.5 million subscribers. It also provides a ready-to-deploy pensionTech platform to governments and regulators seeking to expand pension and insurance coverage to non-salaried workers. The startup has built the world’s first white-labeled and fully API-enabled micro-pensionTech platform that integrates the digital ID, finance, and payments ecosystem to “switch on” an inclusive social security marketplace. PinBox has worked extensively with several governments, regulators, financial inclusion stakeholders, and DFIs like World Bank, UNCDF, and UKAID across Asia and Africa on expanding digital micro-pension and social protection coverage to self-employed women and informal sector workers, including gig-workers. We must urgently encourage and enable young, economically active citizens to start saving for a 25-year retirement,” Bharadwaj said. By 2050, this problem will become too large and irreversible. “Without comprehensive social protection, we are staring at an old-age poverty crisis that will soon impact everyone globally. Hence it was necessary to create products suitable for this group of population.
Talking about the need for micro-pension products, Gautam Bhardwaj, co-founder of pinBox said that the self-employed women and informal workers without savings and insurance were more vulnerable to risks.
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