The National Pension Commission PenCom is set to open the door for the licencing of new Pension Fund Administrators to add to the current 19 operating in the country.
The new entrants that on taking steps towards the starting blocks and are intently awaiting the blast of the gun to start the business sprint have received the approval in principle to start business operations.
The operators in the sector they are set to join are currently complying with regulator mandated recapitalisation that set the minimum capital requirement at N20bn to be concluded mid year 2027.
The new PFAs will certainly start operations on the approved MCR. Their commencement date may be at the beginning of 2027 when the approval in principle would have translated to licence to act as PFAs.
They are coming into an industry that has witnessed unprecedented transformation in the past two years and the speed is not slowing, the impact is profound.
