A new entrant in the industry, Parthian Pensions Limited, has called for a national drive to improve financial literacy even as it pushes to integrate a large portion of the estimated 70 to 80 million Nigerians currently excluded from the formal pension system.

The pension fund administrator (PFA) said it is targeting the largely untapped micro pension segment to drive inclusion and expand retirement security among informal sector workers.

Speaking at a pension industry forum in Lagos, the Managing Director of Parthian Pension, Olufemi Odukoya, said many Nigerians remain outside the CPS due to low awareness and deep-seated misconceptions about the system.

“We are one of the new entrants in the industry, but that does not mean we lack capacity. We leverage technology for efficient service delivery and intend to flood the micro-pension space, which remains largely untapped. About 70 to 80 million Nigerians are in this category,” Odukoya said.

He noted that despite the CPS providing a structured and regulated savings framework, some workers still perceive pensions as unimportant or inaccessible.

“Many people clamoring to exit the scheme have forgotten why it was established to replace the old, unfunded pension system. The current scheme is contributory, fully funded, and well-regulated. What we need to do now is drive financial literacy so that Nigerians understand the long-term benefits,” he explained.