The National Pension Commission, PenCom, says the number of Retirement Savings Account, RSA, registrations under Nigeria’s Contributory Pension Scheme, CPS, increased to 11,183,475 in the first quarter of 2026.
PenCom, in its Q1 2026 report, said the figure rose from 11,040,227 recorded at the end of the fourth quarter of 2025, following the registration of 143,248 new accounts during the three-month period.
The commission said the quarterly increase was higher than the 114,864 new registrations recorded in Q4 2025, attributing the growth to improved digital registration processes and continued public awareness campaigns.
PenCom noted that active pension membership now represents about 12.1 per cent of Nigeria’s estimated 92 million labour force, indicating significant room for expansion, particularly among workers in the informal sector.
Stanbic IBTC Leads New Registrations
The report showed that the five leading Pension Fund Administrators, PFAs, accounted for 54.41 per cent of new RSA registrations during Q1 2026, down from 62.11 per cent in the previous quarter.
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 increasing competition among mid-tier PFAs, including the emergence of TangerineAPT among the top five, indicates that the pension market remains competitive.
Female Participation Continues to Grow
Female workers accounted for 44.08 per cent of new pension registrations in Q1 2026, while males represented 55.92 per cent.
PenCom said the figures show a continued reduction in the gender gap in pension enrolment, which it linked to increased female participation in the workforce and sustained awareness efforts aimed at improving inclusion.
The commission said Nigeria’s growing contributor base remains a major long-term strength of the pension system, particularly because many contributors are young and have retirement horizons extending beyond 2055.
PenCom stressed that investment policies should take this long-term outlook into account, arguing that the system’s extended investment horizon supports greater capacity to take calculated risks.
The commission also noted that the success of pension reforms ultimately depends on expanding coverage to more Nigerians, particularly workers in the large informal sector, alongside those already covered in the formal economy.
