The National Pension Commission PenCom has expressed concern over trickle performance of the Micro Pension Plan MPP which still negates expansion in the pension offering that should cater for informal sector that constitute the bulk of the financial excluded, as well as thriving individuals in the trading chain and the entertainment space for the big and small.
The total contributions under the MPP at the close of Q1 2025 stood at N111.27 million. According to First Quarter Report 2025, the contingent withdrawals of N4.73 million were processed for 17 contributors.
PenCom hived a sigh of relief that there was measurable progress during the quarter with AccessARM leading the pack with nearly 75% of new Micro Pension Contributors MPC registrations. 13,889 new contributors were registered by 15 Pension Fund Administrators, bringing the cumulative number of MPC to 186,825.
The lean favoured comment was followed by the concern of the Commission that performance is a detour from where it should be. “While the leadership is commendable, the disparity also highlights the need for more active participation by other PFAs to promote balanced growth and ensure broader coverage of informal workers across the country.”
