Africa Pensions Supervisors Association Annual Conference 2023
Theme: Sustainable Pension Inclusion in Africa
Africa stands at a critical juncture with its rapidly growing elderly population and a staggering 600 million young, economically active informal sector workers excluded from formal pension and social protection systems. The looming prospect of extreme poverty for these individuals after they retire poses a severe challenge to the continent’s future. By 2050, the elderly population in Africa is projected to soar from 69 million in 2017 to 226 million, incurring a potential fiscal cost of $1.7 trillion for providing even a modest $1-a-day pension.
To address this pressing issue, 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, aims to initiate an actionable dialogue for expanding pension coverage to non-salaried informal sector workers. The event will serve as the launchpad for collaborative action.
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.
The 2023 Conference will bring together a diverse audience, including senior government officials, regulators, financial inclusion stakeholders, pension funds, insurers, aid agencies, and thought leaders from Africa, Asia, Latin America, and Europe.
The primary objective of this conference is to jointly develop a replicable model and strategy for delivering an integrated pension, savings, and insurance solution to unbanked, excluded individuals across Africa.
- Leveraging digital infrastructure for easy access and effective governance.
- Behavioural finance, retirement literacy, and strategies for achieving sustained voluntary contributions.
- Encouraging participation through tax incentives and fiscal measures.
- Collaborative efforts in optimizing investment returns and aligning pension reforms with ESG compliant investment strategies.
Join us at the 2023 Africa Pension Supervisors’ Forum as we unite to tackle the urgent challenge of sustainable pension inclusion in Africa, shaping a brighter future for millions of excluded workers and the continent as a whole.