By Eniola Daniel
The Nigerian pension system needs a robust framework that ensures that Nigerians retire with dignity, Citizens Pensions has said.The management of the pension firm said this during its launch in Lagos.It lamented that most workers lack access to information on how to plan for their retirement.
The pension firm noted that the global pension landscape is evolving rapidly, which requires concerted efforts to harness technology, streamline operations, and place customer experience at the core of service delivery.
The firm said that the Nigerian pension sector has grown significantly since the introduction of the contributory pension scheme in 2004. “Yet, the penetration remains far from what is needed to secure the financial futures of millions.”
According to recent reports, a large portion of the workforce remains outside the formal pension system. To bridge the cap, Citizens Pensions Limited said it is stepping into the space with a clear mission to provide retirement solutions that empower individuals and institutions to achieve their long-term financial goals, ensuring a comfortable and dignified retirement for all.
Also, the pension firm said it intends to bridge the existing gap through the adoption of cutting-edge technology and a customer-centric approach. The company said that it understands that innovation must be adapted to local realities and that Nigeria, with its dynamic population and unique challenges, presents an incredible opportunity to leapfrog traditional models and embrace a future where pensions are not just an obligation but a cornerstone of financial empowerment.
The Chairman of Citizens Pensions Limited, Chuks Onwuchekwa, said that the launch was beyond unveiling a company, but a bold vision for the future of pensions in the country.
He said the company is born to redefine what it means to plan for retirement, leveraging technological innovation and a commitment to world-class service. He added that Citizens Pensions is a testament to the belief of the management that every Nigerian deserves a financially secure future.
“The issuance of our operating license reflects the trust PenCom places in our vision and capacity to deliver value, inspiring us to exceed the high standards they have set. We are committed to upholding principles and values and appreciate their guidance in shaping an inclusive, resilient pension system that promotes collaboration for national development.
“We are investing heavily in digital platforms that simplify access and engagement. Our mobile app will allow users to monitor their contributions, simulate future retirement goals, and even engage with relationship managers, all from the comfort of their homes. Our solutions are not just about numbers and policies, they are about building a future where every Nigerian can retire with confidence,” he explained.
Also, the MD/CEO of the company, Helen Da-Souza, said, “We aspire to promote financial inclusion and empower individuals from all walks of life to take control of their financial future. We have embarked on this business as a catalyst for change, and it would encompass a diverse range of workers – artisans, market traders, small-scale entrepreneurs, subsistence farmers, and self-employed individuals who, despite being the backbone of Nigeria’s economy, have historically been under-served by financial institutions. These workers face numerous challenges, including irregular income streams, minimal access to social safety nets, and limited financial literacy, leaving them vulnerable in their retirement years.”
She added that while the company’s focus is on micro pensions, which underscores its dedication to inclusivity, it is part of its commitment to serving the formal sector.
The Director General of the National Pension Commission (Pencom), Omolola Oloworaran, said: “On February 25, 2025, the Pencom granted Citizens Pensions Limited a licence to operate as a pension fund administrator (PFA), bringing the total number of licensed PFAs in Nigeria to 19. This expansion reflects the growing confidence in the Contributory Pension Scheme (CPS) and underscores PenCom’s commitment to fostering a competitive, inclusive, and sustainable pension industry.”
The Pencom boss stressed that Citizens Pensions Limited entered the market at a time when the Nigerian pension industry was experiencing remarkable growth, with assets under management exceeding N22.5 trillion and RSA membership over 10.5 million individuals, as of December 2024 expanding across formal and informal sectors.
She noted that the achievement is a testament to the robust regulatory framework established by the Commission and the collective efforts of all stakeholders.
