The National Pension Commission (PenCom) has announced that cumulative Retirement Savings Account (RSA) registrations under Nigeria’s Contributory Pension Scheme (CPS) rose by 143,248 in the first quarter of 2026 (Q1 2026), following the opening of new accounts during the quarter.
PenCom disclosed this in its Q1 2026 report, saying 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 attributed the increase to improved digital onboarding and sustained public sensitisation, but said there was still significant room to expand pension coverage, particularly among workers in the informal sector.
According to the report, 143,248 new RSA accounts were opened during the quarter, higher than the 114,864 accounts opened in Q4 2025.
“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,” PenCom said.
The commission added that the quarterly growth was “materially stronger” than the 114,864 accounts opened in Q4 2025 and reflected improved digital onboarding and sustained public sensitisation.
PenCom said active pension membership represented about 12.1 per cent of Nigeria’s estimated 92 million labour force, indicating significant room for further expansion, especially in the informal sector.
The report showed that 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 the new registrations with 25,024 accounts, representing 17.47 per cent of the 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 the figures showed intensifying competition among mid-tier PFAs, adding that TangerineAPT’s emergence among the top five indicated that the market remained competitive.
On gender distribution, PenCom said female registrations accounted for 44.08 per cent of new contributors in Q1, while males accounted for 55.92 per cent.
The commission 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 promoting wider inclusion.
The report further 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.
The commission said investment policies should take the youthful profile of contributors into account, noting that longer investment horizons provided room for greater risk-bearing capacity.
PenCom also stressed that pension reform would only succeed when it reached more Nigerians in both the formal and informal sectors.
It emphasised the need to deepen pension coverage and bring more workers, particularly those in the informal economy, into the pension system
