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Chuks Udo Okonta
To survive amid the tough economic situation, many retirees now live on soft loans from digital banks.
In an interview with some of the retirees who retired under the Contributory Pension Scheme (CPS), Inspenonline learnt that the loans are settled with their monthly pension benefits.
One of the retirees, who retired from a federal university said while he awaits his monthly pension benefits, the loan helps to keep him afloat.
According to him, the loans are deducted immediately his pension benefits are paid, adding that as a credit worthy customer, the loans help in meeting his financial needs.
He noted that he often obtain loans from more than two banks, stating that the soft loan services rendered by the banks have helped retirees in surviving the tough economic situation.
Another retiree said aside loans from digital banks, he also get loans from family and friends.
He stated that most retirees are struggling to cope with the tough economic situation, as their monthly pension benefits have been negatively affected by the soaring inflation.
The retirees implored the federal and state governments to institute incentives to support retirees who have given their best to the country.
