PenCom records 11.18 million pension registrations in Q1

The National Pension Commission (PenCom) reported a notable rise in Retirement Savings Account (RSA) registrations under the Contributory Pension Scheme (CPS), totaling 11,183,475 by the close of the first quarter of 2026. This represents an increase of 143,248 accounts within the three-month period, surpassing the 114,864 accounts opened in the fourth quarter of 2025.

PenCom attributed the accelerated pace of account openings to enhanced digital onboarding processes and sustained public sensitization efforts. This growth in contributor numbers occurs alongside a broader financial expansion in the pension sector, with total assets under management exceeding N30 trillion. The CPS, established by the Pension Reform Act of 2004 and amended in 2014, replaced the previous Defined Benefit Scheme, aiming to secure retirement funds through a privately managed system for both public and private sector employees.

Despite the upward trend in registrations, active pension membership currently encompasses only approximately 12.1% of Nigeria's estimated 92-million workforce. Industry analysts and the regulator emphasize that increasing pension penetration remains a critical challenge, particularly within the nation's extensive informal economy. To address this, PenCom continues to promote the Micro Pension Plan, recently rebranded as the Personal Pension Plan, targeting self-employed individuals and micro-enterprises.

Analysis of operator performance reveals a shift in market concentration, with the top five Pension Fund Administrators (PFAs) now accounting for 54.41% of new RSA registrations, a decrease from 62.11% in Q4 2025. Stanbic IBTC Pension Managers led in new registrations with 17.47% of the total. PenCom noted this trend reflects growing market dynamism and increased competition among mid-tier PFAs. Furthermore, female registrations constituted 44.08% of new contributors in Q1 2026, indicating a narrowing gender gap in pension enrollment, likely driven by greater female participation in the formal workforce.