Pension industry records 15.9% growth in RSA membership in 5 years

The Nigerian pension industry recorded steady growth in Retirement Savings Account (RSA) membership, rising from 9,529,127 in 2021 to 11,040,227 in 2025, representing an increase of about 15.9 per cent over the period.

This is according to a statement by the Pension Fund Operators Association of Nigeria (PenOp).

PenOp said the growth reflected continued expansion of the Contributory Pension Scheme (CPS) and sustained onboarding of new contributors into the system.

However, in spite of the upward trend in registration, growth remained moderate due to structural challenges, the association added.

These include low participation in the formal sector, incomplete adoption of the CPS by some states and cases of non-remittance of pension contributions by some employers.

Notwithstanding the constraints, the industry witnessed significant transformation in recent years.

Data recapture initiatives enhanced the integrity of contributors’ records, while licencing of more than 10 Pension Support Service Providers (PSSPs) improved accessibility and streamlined contribution processes.

In addition, the association said, revised investment guidelines expanded portfolio flexibility, enabling pension fund managers to not only preserve capital but also optimise long-term returns within acceptable risk thresholds.

Meanwhile, the industry’s total Assets Under Management (AUM) surpassed ₦27 trillion, highlighting the growing role of pension funds in Nigeria’s financial markets and the fund’s contribution to long-term capital formation.