Oloworaran: Foreign Currency RSA Offers Opportunity for Diaspora Participation in CPS
• New personal pension plan targets self-employed, underserved Nigerians as agents take services nationwide •Pensioners cite payment of backlog, pension enhancements, PENCARE as gains, seek stronger collaboration James Emejo in
The National Pension Commission (PenCom) in Nigeria has opened a new avenue for Nigerians working abroad and those in the informal economy to participate in the Contributory Pension Scheme (CPS). Director-General, Omolola Oloworaran, announced this at the 2026 Customer Service Week seminar in Abuja. This move is part of the "Pension 2.0" reform agenda, which aims to broaden coverage, enhance pension asset protection, and make the system more responsive to a changing workforce.
The Guideline on the Administration of Retirement Savings Accounts (RSAs) in Foreign Currency is the cornerstone of this initiative, enabling Nigerians employed by foreign companies and working abroad to invest in the CPS. This development is expected to expand the pool of long-term retirement savings and align the pension system with the increasingly international nature of Nigeria's workforce.
Additionally, PenCom is targeting the informal sector workers, including self-employed individuals, through a Personal Pension Plan (PPP). This plan aims to bring these workers into the pension system, overcoming past barriers that excluded them from formal retirement planning. PenCom is also enhancing its customer service, focusing on digital interfaces, compliance simplification, and improving responsiveness.
Pensioners have welcomed these changes, citing significant developments such as the payment of pension increase backlogs, restoration of accrued pension rights, periodic pension enhancements, the PENCARE healthcare initiative, and expansion of micro-pension coverage.
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