PenCom records 11.18 million pension registrations in Q1

The National Pension Commission (PenCom) reported a significant increase in pension registrations during the first quarter of 2026, with 11,183,475 cumulative Retirement Savings Account (RSA) registrations. This represents a 143,248 increase from the previous quarter, marking a stronger performance compared to the 114,864 registrations in Q4 2025. The commission attributes this surge to improved digital onboarding and ongoing public awareness campaigns.

The growth in registrations has contributed to a broader financial boost in the pension sector, with total assets under management surpassing N30 trillion. PenCom, established under the Pension Reform Act of 2004, aims to provide a fully funded, privately managed pension system for both public and private sector employees. Despite the increase in registrations, only about 12.1% of Nigeria's estimated 92 million workforce is currently covered by active pension memberships.

To tackle the challenge of expanding pension coverage, particularly in the informal economy, PenCom has promoted the Micro Pension Plan, now known as the Personal Pension Plan. This initiative targets self-employed workers and micro-enterprises.

In terms of operator performance, the top five Pension Fund Administrators (PFAs) controlled 54.41% of new RSA registrations during Q1 2026, a decline from the 62.11% market concentration in Q4 2025. Stanbic IBTC Pension Managers led the pack with 25,024 new registrations, constituting 17.47% of the total. Other top PFAs included AccessARM Pension (10.63%), FCMB Pensions (10.15%), TangerineAPT Pension (9.65%), and Trustfund Pensions (6.73%).

The gender distribution of new contributors showed a steady narrowing of the gender gap, with female registrations accounting for 44.08% and male registrations at 55.92%. Younger contributors also played a significant role, with those under 40 years old making up 75.31% of the new enrolments. This young demographic is seen as a valuable asset to the pension system due to their extended retirement horizons beyond 2055.