Nigeria’s Pension Industry Reaches New Milestone as 10 Million RSAs and N16.76 Trillion in Assets

The National Pension Commission (PenCom) announced that as of the end of the third quarter of 2023, the number of Retirement Savings Accounts (RSAs) under its Contributory Pension Scheme (CPS) has surged to 10 million.

What’s more, the pension assets under current management are now worth N16.76 trillion in today’s value.

During an interactive session held in Kano for the organized private sector, Dr. Umar Farouk Aminu, Commissioner of Administration at PenCom, delivered the news on behalf of Director General Aisha Dahir-Umar.

Aminu highlighted PenCom’s substantial strides in ensuring a seamless implementation of the CPS, emphasizing their focus on deploying the Enhanced Contributors Registration System (ECRS) within the pension industry.

Dahir-Umar acknowledged the rapid growth of Nigeria’s pension sector, underlining the introduction of the Data Recapture Exercise (DRE).

The DRE mandates all RSA holders who joined the CPS before July 1, 2019, to update their information with their respective Pension Fund Administrators (PFAs).

Furthermore, PenCom has successfully transferred contributions worth N10.20 billion to the RSAs of 142,486 NSITF Scheme contributors. They continue to prioritize the smooth transition of NSITF contributions into RSAs.

This milestone was celebrated at an interactive session in Lagos, where calls for collaboration among all stakeholders were reiterated.

The introduction of the RSA Transfer System (RTS) in 2020 was highlighted, showcasing its significant impact on improving service delivery by PFAs.

Adewale Smatt Oyerinde, the Director General of NECA, expressed optimism that these developments and deliberations would drive further advancements in Nigeria’s pension sector.

The achievements underscore the growing importance of prudent financial planning and management in the country.