Default enrollees into compact automatic payments from the mobile-capital and agent-banking wallets they already employ. It warned that except if operators alter how they attract subscribers and redesign products, the 30 per cent funded-ratio aim would not be practical.
PenCom said it would gauge pension inclusion by the figure of accounts actually funded, not just those on paper. Similarly, Life Annuity, Programmed Withdrawal, and other insurance-backed products regulated by the Domestic Insurance Commission present proceeds security in retirement or publish-tenure life.
This project seeks to bridge the awareness gap by taking these financial products directly to the grassroots throughout planned sensitization workshops.
Still, the scheme designed by the regulator to actualize the programme is looking doubtful as the PenCom reported that the Restricted Pension Scheme’s (PPP) grade to have 30 per cent of accounts funded by the fourth quarter of 2026 is remote.
The regulator attributed the shortfall to the uninterrupted gap in the middle of account registration and existing savings, compounded by limited contribution habits in the midst of enrollees.
What the describe says
Information from the up-to-date Nigerian Pension Trade Quarterly Announce indicated that of the 219,316 PPP accounts opened under the scheme, just 18,811 have ever received a contribution.
This represented a funded ratio of on 8.5 per cent, leaving greater or reduced nine in ten registered accounts empty.
The commission said the sector had focused too much on headline registration numbers instead of building a authentic savings culture. It added that the PPP attracted just N147.16 million in contributions during the quarter, bringing overall inflows seeing that initiate to N1.66 billion, a modest count compared alongside the figure of accounts opened.
To strengthen funding, PenCom said it would demand Pension Finance Operators to encounter defined funding-conversion targets, expand its network of Accredited Pension Agents, and pursue partnerships including cooperatives, fintechs, telecoms, swap unions and proficient bodies to advance conversational-sector workers from registration to consistent contributions.
PenCom moreover said competition in the midst of Pension Sponsor Administrators (PFAs) is increasing.
It reported that the five biggest operators accounted for 54.41 per cent of modern Retirement Savings Account (RSA) sign-ups in Q1 2026, down from 62.11 per cent the prior quarter, indicating reduced players are gaining ground.
PenCom said Stanbic IBTC Pension Managers led fresh RSA registrations together with 25,024 (17.47 per cent), followed by AccessARM Pensions (10.63 per cent), FCMB Pensions (10.15 per cent), TangerineAPT Pensions (9.65 per cent) and Trustfund Pensions (6.73 per cent). Sani Mustapha explained that the cause could be that most PPP accounts were carried over from the defunct Micro Pension Scheme (MPP).
He yet stated that PenCom and the operators have so far been deliberate in driving penetration of the scheme in Nigeria pension sector
On what can be done, Mustapha stated that “My guidance to PenCom is to preserve absorbing the Unions, Cooperatives, and Promote Associations, and to mould operations concerning how relaxed-sector Nigerians actually earn finance and the persons they trust. “Furthermore, funding has to be made frictionless and habitual, daily and irregularly, across humans they learn. The commission attributed the develop to improved web-based onboarding and community sensitisation.
It added that merely regarding 12.1 per cent of Nigeria’s 92 million-resilient workforce are working contributors, highlighting the huge untapped easygoing sector.
PenCom stated that 75.31 per cent of fresh RSAs in the quarter belonged to humans under 40, a trend it called a primary extended-term resource for the sector.
The commission said the younger participant base should recommend a transfer in finance allocation from a heavy reliance on government securities toward greater growth-oriented investments.
PenCom said 15 PPP contributors withdrew a integrated N11.12 million under the scheme’s contingent withdrawal facility during the quarter.
The Restricted Pension Strategy (PPP) introduced by the Nationwide Pension Commission (PenCom) is facing a large funding challenge, including concerning 91 per cent of registered accounts yet to approve any contribution, raising concerns over the regulator’s aim of having 30 per cent of accounts funded by the fourth quarter of 2026.
Daily Trust reports that one of Nigeria’s economic challenges over the years has been the unhurried finding in achieving financial inclusion particularly for conversational sector workers
Despite some favorable signals in the economy, a important proportion of Nigeria’s relaxed sector workers remain financially excluded, exactly in the areas of prolonged-term savings, insurance protection, and retirement planning.
Checks by Daily Trust showed that the country’s informal sector comprising artisans, traders, creatives, secondary enterprise owners, and professionals in individual exercise accounts for over 80 million economically engaged Nigerians.
To bridge the gap, PenCom has unveiled the Restricted Pension Outline (PPP), which is a greater finished make of the Micro Pension Approach (MPP) aimed at expanding pension extent to millions of self-employed Nigerians, conversational sector efforters, and professionals outdoors the arranged employment structure.
The modern framework, introduced under the Guidelines on the Individual Pension Approach released in September 2025, seeks to build retirement savings additional available, inclusive, and approachable — specifically for individuals and compact businesses previously excluded from the Contributory Pension Scheme (CPS) settled by the Pension Reform Act (PRA) 2014.
Under the redesigned PPP, pension entry is no longer compact to artisans such as tailors, carpenters, and mechanics. The regulator noted TangerineAPT’s rise into the top five as evidence of a shifting competitive landscape.
PenCom said overall RSA registrations rose from 11.04 million at the complete of 2025 to 11.18 million by the complete of Q1 2026, adding 143,248 fresh accounts. Let them contribute tiny, irregular amounts (N100–N500) by USSD lacking a smartphone, paired together with a noticeable response awake,” he added
It now accommodates professionals in personal approach, including lawyers, architects, and members of the creative promote who are not section of any orderly employment.
The Subjective Pension Scheme (PPP) designed by the Nationwide Pension Commission offers a adjustable, voluntary savings framework suited for unofficial sector workers and political office holders. It added that the 91 per cent unfunded rate for PPP accounts is just a slight improvement on a 92 per cent unfunded rate reported in Q4 2025.
The commission too reminded stakeholders that complete pension contributions in the earlier quarter were far greater at N903.7 billion, including individual-sector contributions of N352.74 billion and people-sector remittances of N550.96 billion, which rose sharply on improved compliance and arrears settlement.
What can be done – Authority
Speaking on the concern, a pension authority using the Contributory Pension and Happy Retirement Advocacy (COPEHRA), Mr.
Source: Hurdles ahead personal pension as 91% accounts unfunded
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