PenCom Licenses First Pension Agents for Informal Sector

The National Pension Commission (PenCom) has recently licensed its first accredited pension agents, primarily aimed at expanding pension coverage for millions of Nigerian workers in the informal sector. This initiative is part of a strategy to bridge the gap in pension fund management for informal sector workers.

The accredited pension agents, including Awabah, are expected to facilitate micro-contributions and build confidence in the pension system, targeting areas such as villages, motor parks, and workshops. Omolola Oloworaran, the Director General of PenCom, stated that this regulatory introduction, which began in September last year, is a significant step towards improving pension coverage.

The current pension asset stands at approximately N27.45 trillion, with the goal of increasing participation in the pension scheme. The micro pension plan, launched on March 28, 2019, by former President Muhammadu Buhari, has registered around 200,000 contributors as of September 2025, with a total savings of approximately N967 million.