Pencom promises to protect interests of pension contributors, retirees
Poised to end pensioners’ struggle and dying in penury and those in the informal sector lacking the needed information on how to save for the rainy days, Citizens Pensions yesterday said that the Nigerian pension system needs a robust from work and that Nigerians deserve to retire with dignity.
The management of the pension firm said this during its launch at the Lagos Continental Hotel, Kofo Abayomi, Victoria Island, Lagos.
The global pension landscape is evolving rapidly. Across continents, concerted efforts to harness technology, streamline operations, and place customer experience at the core of service delivery are being harnessed.
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. This is not just a statistic; it is a call to action.
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.
That it intends to bridge this gap using 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, Citizens Pensions Limited, Chuks Onwuchekwa, said that the ceremony was beyond unveiling just a company but a bold vision for the future of pensions in the country.
He said the company is birthed 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, and promised to make it a reality.
“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’ve set. We are committed to upholding PenCom’s 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.
Also, MD/CEO of the company, Helen Da-Souza, said: “We aspire to promote financial inclusion and empower individualsfrom 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 ofNigeria’s economy, have historically been under-served by financial institutions. These workers face numerous challenges, including irregular income streams, and minimal access to social safety.
nets, and limited financial literacy, leaving them vulnerable in their retirement years.
“While our focus on Micro Pensions underscores our dedication to inclusivity, we are adopting a holistic approach of equally being committed to serving the formal sector.
Our offerings will include Retirement Savings Accounts (RSAs), Approved Existing Scheme/Legacy Funds, Voluntary Contributions, Cross-Border Pension, Additional Benefits Scheme (ABS) and others.
Our approach is comprehensive, ensuring that no segment of our society is left behind. Citizens Pensions is committed to building a robust pension framework for all citizens of Nigeria.
Also, Director General, National Pension Commission (Pencom), Omolola Oloworaran, said: “On February 25, 2025, the Pencom granted Citizens Pensions Limited a license 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.
“Citizens Pensions Limited enters the market at a time when the Nigerian pension industry is experiencing remarkable growth, with assets under management exceeding N22.5 trillion and RSA membership in excess of 10.5 million individuals, as at December 2024, expanding across formal and informal sectors. This achievement is a testament to the robust regulatory framework established by the Commission and the collective efforts of all stakeholders.
“Citizens Pensions Limited, with its unique value proposition, is expected to contribute meaningfully to these goals, offering Nigerians more choices and improved access to best-in-class pension services.
“The National Pension Commission remains steadfast in its mandate to protect the interests of pension contributors and retirees. We assure all stakeholders of our unwavering commitment to stringent oversight to ensure compliance with pension regulations, continuous engagement with PFAs to uphold transparency and accountability; and innovative reforms to adapt to evolving economic and demographic realities.
