Awabah licensed to drive enrolment as majority of registered micro-pension accounts remain unfunded….
The National Pension Commission has announced the accreditation of the first Pension Agent for enrolment into the Personal Pension Plan, marking a key step in efforts to expand pension coverage among Nigerians working outside the formal employment structure.
The announcement was made via the commission’s official social media platforms, where it confirmed that Awabah had been licensed as the first Accredited Pension Agent under the scheme.
The Personal Pension Plan, formerly known as the Micro Pension Scheme, was introduced to target the informal sector and broaden participation in Nigeria’s contributory pension system.
Confirming the development, PenCom stated, “Awabah has been licensed by PenCom as the first APA to support marketing and registration of participants into the PPP as part of PenCom’s commitment to expanding pension coverage across the Nigerian workforce.”
The commission explained that the Personal Pension Plan is designed for self-employed individuals and workers operating outside the formal sector, including artisans, traders, freelancers, consultants and professionals such as lawyers, doctors and accountants.
It added that Accredited Pension Agents are companies licensed by PenCom to promote the scheme and facilitate the registration of individuals into the Personal Pension Plan.
Awabah is also approved by PenCom as a Payment Solution Service Provider, a role created to support a secure, cost-free and fully digital platform for pension remittances across the country.
Despite the expansion drive, recent industry data indicates a persistent gap between enrolment and active contributions under the scheme.
According to PenCom’s third quarter 2025 report, only 7.6 percent of Retirement Savings Accounts registered under the rebranded Personal Pension Plan were funded during the period.
As of September 30, 2025, a total of 206,917 RSAs had been opened under the scheme. However, only 15,677 accounts were funded in the third quarter, while 191,240 accounts, representing 92.4 percent, remained without contributions.
The figures highlight the continuing challenge of converting registrations into sustained pension savings within Nigeria’s informal sector, even as regulators intensify efforts to deepen financial inclusion and expand long-term retirement security
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