PenCom Records 143,248 New Pension Accounts In Q1

The National Pension Commission (PenCom) has registered 143,248 new Retirement Savings Accounts under the Nigeria’s Contributory Pension Scheme (CPS) in the first quarter of 2026.
This represent a 24.7 per cent increase from 114,864 accounts opened in the previous quarter. In its Q1 2026 report, the commission said the growth lifted cumulative RSA registrations to 11.183 million as at the end of March 2026, up from 11.040 million in December 2025.
PenCom attributed the stronger enrollment to improved digital onboarding processes and sustained public sensitisation.
“Cumulative RSA registrations rose from 11.040 million at the end of Q4 2025 to 11.183 million at the end of Q1 2026, on the back of 143,248 new accounts opened during the quarter,” the commission stated.
“The quarterly cadence is materially stronger than the 114,864 opened in Q4, and reflects both improved digital onboarding and sustained public sensitisation,” it added.
Despite the increase, pension coverage remains low relative to the size of the workforce.
PenCom said registered contributors account for only about 12.1 per cent of Nigeria’s estimated 92 million labour force, highlighting a substantial gap, particularly among informal-sector workers who remain largely outside the Contributory Pension Scheme.
The report also showed a shift in the market structure of Pension Fund Administrators. The five largest PFAs by new registrations accounted for 54.41 per cent of total additions in Q1, down from 62.11 per cent in Q4 2025.
The Commission said the lower concentration points to increased competition, especially from mid-tier operators.
The data further revealed a young membership base, saying that people below the age of 40 accounted for 75.31 per cent of new RSA registrations in the quarter.
The commission described the trend as a long-term strength for the industry, noting that younger contributors have longer investment horizons which can support higher risk investments and asset accumulation.
Looking ahead, PenCom disclosed in July that it is reviewing the Pension Reform Act 2014 with a view to increasing statutory contribution rates above the current 10 per cent by employers and eight per cent by employees.
The commission said it is also developing a new investment vehicle to channel resources from the country’s $22 billion pension industry into critical infrastructure projects.
Industry data released in June showed that total pension assets rose to a record N31.32 trillion in May 2026, up 1.23 per cent month-on-month and 29.5 per cent year-on-year from N24.18 trillion in May 2025.
Analysts said while the rise in registrations and assets signals growth, bridging the coverage gap will require targeted policies to bring informal workers into the Contributory Pension Scheme (CPS).

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