In a recent disclosure, the National Pension Commission (PenCom) reported that the total number of Retirement Savings Account (RSA) registrations reached 10,615,028 as at 31 January 2025. This marks an increase of 32,729 new RSAs for the month, up from the 10,582,299 recorded at the end of December 2024.
According to the report the January 2025 figure not only reflects steady growth in the pension industry but also slightly surpasses the average monthly RSA registration over the past 12 months, which stood at 32,613. This marginal uptick is a positive sign of sustained interest and participation in the contributory pension scheme, despite prevailing economic challenges.
However, while PenCom’s monthly report for January 2025 confirms the total RSA figures, it fell short of providing detailed insights. The absence of a granular breakdown—such as RSA registrations by Fund type, Pension Fund Administrator (PFA), age group, sector, and gender—limits the ability of industry analysts and stakeholders to accurately track performance and emerging trends across the pension space.
This recurring limitation has reignited calls within the industry for PenCom to enhance transparency and deepen stakeholder engagement by publishing detailed RSA registration metrics on a monthly basis. Such data would enable analysts to assess the competitiveness of individual PFAs, monitor the inclusion of different age and gender demographics, and identify sectoral shifts in pension enrolment trends.
Currently, PenCom provides RSA registration breakdowns by PFA, age, and gender only on a quarterly basis. While this is a valuable step, many believe that monthly publication of this data would reflect a stronger commitment to data-driven governance and provide sharper tools for policy and operational decisions within Nigeria’s pension ecosystem.
As the industry continues to mature, stakeholders remain hopeful that the Commission will evolve its reporting practices to match the growing demand for transparency and performance accountability in the pension sector.
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