Five PFAs Control 54.41% of New RSA Registrations

Five Pension Fund Administrators (PFAs) accounted for 54.41 per cent of new Retirement Savings Account registrations in Nigeria during Q1 2026.

The latest PenCom pension industry report shows that five of the 18 licensed PFAs continued to dominate new RSA registrations during the first quarter of the year.

Stanbic IBTC Pension Managers led the market with 17.47 per cent of new registrations. AccessARM Pension Managers followed with 10.63 per cent, while FCMB Pensions recorded 10.15 per cent.

TangerineAPT secured 9.65 per cent, while Trustfund Pension accounted for 6.73 per cent to complete the top five.

Pension Fund Administrator	Share of New RSA Registrations
Stanbic IBTC Pension Managers	17.47%
AccessARM Pension Managers	10.63%
FCMB Pensions	10.15%
TangerineAPT	9.65%
Trustfund Pension	6.73%
Combined	54.41%

The other 13 PFAs shared about 45.6 per cent of new registrations.

However, the PenCom pension industry report noted that the combined share of the five leading operators fell from 62.11 per cent in Q4 2025 to 54.41 per cent in Q1 2026.

Despite the decline, PenCom said the market remained highly concentrated.

“The top five Pension Fund Administrators accounted for 54.41 per cent of new RSA registrations in the quarter, and Stanbic IBTC alone accounted for 17.47 per cent. The figure is a mild reduction on the 62.11 per cent seen in Q4’25, but concentration remains elevated.”

The Commission also observed stronger competition among mid-tier operators. It pointed to TangerineAPT’s entry into the top five as evidence that the market continues to change.

“Competition is intensifying in the mid-tier, and TangerineAPT’s emergence into the top five is a signal that the market is not settled. Concentration is not in itself a stability risk, but it raises questions of competitive intensity in the lower tier of the market,” PenCom noted.

Meanwhile, the report showed that states are still making slow progress with the Contributory Pension Scheme (CPS).

Only eight states had fully complied with the CPS by passing the required legislation and beginning implementation through licensed PFAs.

Another 17 states had enacted pension laws but had yet to start implementation. PenCom said these states would remain an important focus of its engagement efforts in 2026.

Kano State remains a special case because it keeps its pension funds with commercial banks rather than licensed PFAs. The Commission said the state therefore requires a separate regulatory approach.

PenCom described the 17 states with pension laws but no implementation as a major opportunity to increase pension coverage in Nigeria.

“With the legal framework already in place, attention will be directed towards supporting the states and PFAs with the necessary guidance and engagement to facilitate the transition from legislation to effective implementation and expanded pension coverage,” the Commission stated.

The development comes as PenCom steps up efforts to expand pension participation across Nigeria, particularly by helping states move from passing pension laws to putting the Contributory Pension Scheme into practice.

Do you think stronger competition among PFAs will help improve pension coverage and services across Nigeria?