Key Points
- Cumulative Retirement Savings Account registrations rose by 143,248 to 11.18 million in Q1 2026.
- The five leading PFAs accounted for 54.41 per cent of new registrations, with Stanbic IBTC Pension Managers leading.
- Nigerians below 40 accounted for 75.31 per cent of new registrations, while women represented 44.08 per cent.
Main Story
The National Pension Commission (PenCom) says cumulative Retirement Savings Account (RSA) registrations under the Contributory Pension Scheme (CPS) rose by 143,248 in the first quarter of 2026.
PenCom disclosed this in its Q1 2026 report, stating that cumulative RSA registrations increased from 11,040,227 at the end of Q4 2025 to 11,183,475 by the end of Q1 2026.
The commission said the increase followed the opening of 143,248 new accounts during the quarter, compared with 114,864 accounts opened in Q4 2025.
It attributed the growth to improved digital onboarding and sustained public sensitisation.
“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.” — PenCom
According to the report, active pension membership represents about 12.1 per cent of Nigeria’s estimated 92 million labour force, indicating significant room for expansion, particularly in the informal sector.
The five leading Pension Fund Administrators (PFAs) accounted for 54.41 per cent of new RSA registrations during the quarter, down from 62.11 per cent in Q4 2025.
Stanbic IBTC Pension Managers led with 25,024 new registrations, representing 17.47 per cent of the total.
AccessARM followed 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 the figures pointed to intensifying competition among mid-tier PFAs, noting that TangerineAPT’s emergence among the top five indicated continued competition in the market.
On gender distribution, the commission said female registrations accounted for 44.08 per cent of new contributors in Q1, while males accounted for 55.92 per cent.
It said the figures reflected a continued narrowing of the gender gap in pension enrolment, driven by increasing female participation in the workforce and sustained sensitisation efforts aimed at wider inclusion.
The report also revealed that Nigerians below the age of 40 accounted for 75.31 per cent of new RSA registrations during the quarter.
PenCom described the youthful contributor base as a major long-term strength of the pension system, noting that these contributors had retirement horizons extending beyond 2055.
It said investment policies should take the youthful profile of contributors into account because long investment horizons provide room for greater risk-bearing capacity.
The Issues
The growth in RSA registrations indicates continued expansion of Nigeria’s contributory pension system, but PenCom said coverage remains limited relative to the country’s labour force.
With active pension membership representing about 12.1 per cent of an estimated 92 million workers, the informal sector remains a major area for expanding pension coverage.
The age profile of new contributors also presents an opportunity for the pension industry, as the large share of contributors below 40 gives pension funds long investment horizons.
The narrowing gender gap further points to increased participation by women in the pension system.
What’s Being Said
“The quarterly cadence is materially stronger than the 114,864 opened in Q4, and reflects both improved digital onboarding and sustained public sensitisation.”
— PenCom
“Investment policies should take the youthful profile of contributors into account, noting that long investment horizons provided room for greater risk-bearing capacity.”
— PenCom
“Pension reform would only succeed when it reached more Nigerians in both the formal and informal sectors.”
— PenCom
What’s Next
PenCom is expected to continue efforts to expand pension coverage, particularly among workers in the informal sector.
PFAs will also compete for new contributors as digital onboarding and public sensitisation continue to support RSA registrations.
The youthful contributor base could also influence how pension funds approach investment strategies over longer periods.
Bottom Line
Nigeria’s pension system added 143,248 new RSA registrations in Q1 2026, taking cumulative registrations to 11.18 million. While the growth indicates stronger enrolment, PenCom says the relatively small share of workers covered shows that expanding pension participation, particularly in the informal sector, remains a major priority.
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