*Only 8% of 215,412 accounts receive contributions *PenCom to drive awareness through agents, fintechs, cooperatives *Experts commend scheme, point way forward By Rosemary Iwunze More than 90 per cent of informal sector workers who enrolled in the Personal Pension Plan, PPP, have abandoned the scheme, as subscribers blame worsening economic hardship for their inability to make regular pension contributions. Financial Vanguard findings show that only 17,320, representing eight per cent of the 215,412 registered Retirement Savings Accounts, RSAs, under the scheme, had received contributions as at December 2025, while the remaining 198,092 accounts, representing 92 per cent, were dormant. Many traders and artisans also expressed ignorance of the scheme or how it works, even as the National Pension Commission, PenCom, pledged to expand awareness through accredited agents, fintechs, cooperatives and other distribution partners.
Financial Vanguard findings showed that although registrations under the PPP have continued to rise, the proportion of active contributors has remained extremely low. Available PenCom data showed that while registered PPP accounts rose by 175 per cent in four years to 215,412 in 2025 from 78,087 in 2022, the proportion of dormant accounts also increased to 92 per cent from 87.4 per cent during the same period. The trend has persisted over the years.
In 2024, about 157,476 out of the 172,936 registered accounts, representing 91.1 per cent, were dormant, as only 15,460 accounts received contributions. Similarly, in 2023, about 101,232 of the 114,382 registered accounts, representing 88.5 per cent, were inactive, while only 13,150 contributors made pension payments. Decrying the situation, PenCom stated that registrations are not savings, and that registration without funding creates a misleading picture of inclusion.
PenCom noted that the development indicates the need for targeted strategies to drive regular contributions, such as improved participant education, incentive structures and streamlined remittance processes, to ensure the long-term sustainability and effectiveness of the PPP. The PPP, formerly known as the Micro Pension Plan, was created by PenCom to extend Nigeria’s financial inclusion frontier, while encouraging low-income groups, mainly self-employed and informal sector workers, to build pension savings for their old age.
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