Axis Pensions Group

Axis Pensions Group operates as a technology-enabled pension administrator with a significant presence in Ghana and Rwanda. Founded in 2010 by Afriyie Oware and Simon Komla Agbenyegah Ayivi, the company was established to provide robust retirement savings solutions in the Ghanaian market. Afriyie Oware, the Group CEO, brought extensive experience from the investment management industry, having previously worked at Databank for six years, where he specialized in establishing employee benefit schemes and led the institutional funds management business. This background in investment management, business process engineering, and IT project steering proved foundational to Axis's strategic development.

The company's primary business is the administration of pension schemes, offering retirement savings products and fund management for workers in both the formal and informal sectors. It serves over 300,000 members and more than 2,000 organizations, with assets under management exceeding GHS 8.5 billion. The business model is centered on providing comprehensive, client-focused financial administration services, including pension management, payroll services, and retirement planning advice. Revenue is generated through the management of these funds and related administrative services. The firm operates under a Corporate Trustee license from Ghana's National Pensions Regulatory Authority (NPRA), which it obtained in March 2012.

Axis offers a range of products for both individuals and organizations. For individuals, key offerings include the Axis Pension Plan, a personal pension scheme, and the Axis Retirement Income Plan. The Axis Pension Plan, Ghana's largest personal pension scheme, allows workers to build supplementary retirement savings and features benefits like tax relief on contributions and complimentary life insurance cover. For organizations, the company provides the Cedar Pension Scheme (Tier 2) and Cedar Provident Fund (Tier 3). A distinguishing feature of its service is a proprietary technology platform that enables tailored solutions and convenient, 24/7 digital access for clients through mobile apps, web portals, and USSD.

A significant milestone was receiving investment from AFIG Funds in May 2019 to support its regional expansion plans. The company has also been recognized for its approach, winning an award for innovation in risk management at the 2016 African Pensions Awards, partly due to its lifecycle investment strategy that aligns investments with a member's age-risk profile. This strategy involves managing segregated funds, including equity, bond, and money market funds, to optimize returns.

Keywords: pension administration, retirement savings, investment management, Ghana, Rwanda, corporate trustee, pension funds, employee benefits, personal pension schemes, financial services, asset management, retirement planning, provident fund, financial inclusion, digital pension services, lifecycle investing, AFIG Funds, Afriyie Oware, Tier 2 pension, Tier 3 pension