The National Pension Commission, PenCom, has stated cumulative Retirement Savings Account, RSA registrations under the Contributory Pension Scheme, CPS, expanded to 11,183,475 in the first quarter of 2026 (Q1’26), up from 11,040,227 recorded in Q4’25.
PenCom, in its first-quarter 2026 publication, stated that active membership currently aligns with approximately 12.1 per cent of Nigeria’s estimated 92 million-strong 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.”
PenCom observed that among Pension Fund Administrators (PFAs), the top five accounted for 54.41 per cent of fresh RSA sign-ups in Q1, a slight decline from the 62.11 per cent documented in Q4 2025.
“Stanbic IBTC Pension Managers led the industry with 25,024 new registrations (17.47%), followed by AccessARM (10.63%), FCMB Pensions (10.15%), TangerineAPT (9.65%) and Trustfund (6.73%).
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“Competition is intensifying in the mid-tier, and TangerineAPT’s emergence into the top five is a signal that the market is not settled.”
Regarding gender, PenCom indicated that female sign-ups comprised 44.08 per cent of the Q1 group, whereas male sign-ups represented 55.92 per cent.
“This continues the trend of steadily narrowing gender disparity in pension enrolment, consistent with rising female workforce participation and sustained sensitisation targeted at broader inclusion,” PenCom noted.
The publication revealed that 75.31 per cent of new RSAs in Q1 were created by Nigerians below age 40.
“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 emphasized that pension reform succeeds only when it reaches the appropriate Nigerians in adequate numbers, spanning both the formal market and the considerably larger informal sector.
