RSA Registrations Rise as Pension Enrolment Expands

RSA registrations under Nigeria’s Contributory Pension Scheme increased by 143,248 in the first quarter of 2026, according to PenCom.

The National Pension Commission (PenCom) said cumulative Retirement Savings Account registrations rose from 11,040,227 in Q4 2025 to 11,183,475 by the end of Q1 2026.

In its first-quarter 2026 report, the commission said the increase followed the opening of 143,248 new accounts during the three-month period. This represented stronger growth than the 114,864 accounts opened in the final quarter of 2025.

PenCom attributed the improvement to better digital onboarding and continued public awareness efforts. Despite the increase, the commission said pension coverage remains relatively low compared with the size of Nigeria’s workforce.

The report noted: “Cumulative RSA registrations rose from 11,040,227 at the end of Q4’2025 to 11,183,475 at the end of Q1’2026, on the back of 143,248 new accounts opened during the quarter. The quarterly cadence is materially stronger than the 114,864 opened in Q4, and reflects both improved digital onboarding and sustained public sensitisation.

“Active membership now corresponds to approximately 12.1% of Nigeria’s estimated 92 million labour force, leaving substantial headroom for growth, particularly in the informal sector.”

The latest figures show that RSA registrations still have significant room for expansion, particularly among workers outside the formal economy.

Competition among Pension Fund Administrators (PFAs) also increased during the quarter. The five leading PFAs accounted for 54.41 per cent of new registrations, down from 62.11 per cent in Q4 2025.

Stanbic IBTC Pension Managers recorded the highest number of new accounts, with 25,024 registrations, representing 17.47 per cent of the quarterly total. It was followed by AccessARM with 10.63 per cent, FCMB Pensions with 10.15 per cent, TangerineAPT with 9.65 per cent and Trustfund with 6.73 per cent.

PenCom said: “Competition is intensifying in the mid-tier, and TangerineAPT’s emergence into the top five is a signal that the market is not settled.”

The gender distribution of new RSA registrations also showed a gradual narrowing of the gap. Women accounted for 44.08 per cent of new accounts, while men represented 55.92 per cent.

PenCom linked the trend to increasing female participation in the workforce and continued efforts to promote wider pension inclusion.

Young Nigerians made up an even larger share of the new registrations. The commission said 75.31 per cent of RSAs opened during Q1 belonged to people below the age of 40.

The report stated: “This remains the single most important long-term asset of the system: a young, expanding contributor base whose retirement horizon extends beyond 2055. Investment policy should be calibrated to this reality. Long horizons justify, and indeed require, more risk-bearing capacity than the current 58.07% allocation to Federal Government securities reflects.”

PenCom stressed that the success of pension reform ultimately depends on expanding coverage across Nigeria, particularly among the much larger informal sector, while ensuring that more eligible workers enter the system.

Can stronger digital onboarding and wider pension awareness help Nigeria bring more informal-sector workers into the pension system?