The National Pension Commission (PenCom) has announced that a total of 112,371 Nigerians have registered under the Micro Pension Plan (MPP) as of September 30, 2024.
The Commission disclosed this in its latest report, showing a steady increase in pension coverage among self-employed and informal sector workers. The MPP was introduced to provide retirement savings opportunities for individuals who are not captured under the formal Contributory Pension Scheme.
According to the report, Stanbic IBTC Pension Managers led the registration drive with 35,129 contributors. Other top-performing Pension Fund Administrators (PFAs) include ARM Pension Managers (11,624), PAL Pensions (11,133), Premium Pension (10,225), Leadway Pensure (9,901), and Fidelity Pensions (6,230).
PenCom noted that the growing number of micro pension contributors is a testament to the increasing awareness and adoption of retirement planning among informal sector workers. The Commission added that it would continue to collaborate with PFAs and relevant stakeholders to deepen participation in the scheme through sensitisation campaigns and innovative enrollment strategies.
Launched in 2019, the Micro Pension Plan targets individuals such as artisans, market traders, transport workers, freelancers, and other self-employed persons who often lack structured retirement benefits. The scheme offers flexible contribution options and partial withdrawal benefits before retirement.
With Nigeria’s informal sector representing over 80% of the workforce, PenCom reiterated that expanding pension coverage through the Micro Pension Plan remains critical to achieving long-term financial security for all categories of workers.
The Commission urged more PFAs to intensify efforts to onboard contributors and leverage technology to ease registration and contributions.
As the country works toward inclusive economic growth, the increasing traction of the Micro Pension Plan highlights a significant step toward broadening the nation’s social protection framework.
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