PenCom Introduces Matching Contribution For Women’s Pension Plan

The National Pension Commission (PenCom) has introduced a special matching contribution initiative to encourage women to enrol in the Personal Pension Plan (PPP) as part of activities marking the International Women’s Day in Kano.

The director-general of PenCom, Omolola Bridget Oloworaran, announced the initiative during the International Women’s Day Personal Pension Plan Inclusion Campaign held in the state.

Oloworaran, who was represented by Salim Abdurrahman, said the programme was designed to encourage women, particularly those in the informal sector, to begin saving towards financial security in old age.

She explained that from March 9 to March 13, every contribution made by a woman to her Personal Pension Plan account would be matched by the commission up to a specified limit.

According to her, the initiative aims to address the financial vulnerability of women, who constitute a significant portion of Nigeria’s informal workforce but often lack pension coverage.

“Nigerian women contribute immensely to the economy through trading, farming, small businesses and other informal sector activities, yet many work their entire lives without financial protection in old age. This initiative is designed to change that narrative,” she said.

The PenCom boss said the Personal Pension Plan allows market women, traders, artisans, farmers and other self-employed Nigerians to save small amounts regularly, starting from as little as N1,000, either daily, weekly or monthly.

She added that Nigeria’s pension industry currently manages over N28 trillion in pension assets for more than 11 million contributors, assuring the participants that the system is safe, transparent and professionally managed.

Oloworaran urged women to open Personal Pension Plan accounts and encourage others to do the same to build financial security for the future.

At the event, the director of Community Development in Fagge local government area, Nasir Ibrahim, described the programme as an important opportunity for women to become economically self-reliant.

He said the savings scheme would provide financial support for women and their families even after they stop trading, and urged them to take advantage of the initiative.