BY NKECHI NAECHE- ESEZOBOR–The National Pension Commission (PenCom) and Pension Fund Operators of Nigeria (PenOp), on Thursday said plans are on the way to enable Retirement Savings Account (RSA) holders to migrate from the Contributory Pension Scheme (CPS) to Micro Pension Plan (MPP).
The Acting Director-General PenCom, Omolola Oloworaran, disclosed this while speaking on the theme: ‘Reimagining Micro Pension’ at the Micro Pension Industry Stakeholders Engagement Forum organised by PenOp.
She also said that the commission is considering market segmentation, Rebranding, robust technology and incentives to maximize the impact of the Micro Pension Plan.
On market segmentation she said tailoring the MPP to address the unique needs of different informal sector groups will impact positively to the growth of the scheme.
On rebranding she said “Giving the plan a new name and identity to resonate more with the target audience and drive engagement.”
She noted that “partnering with Fintechs and telco companies to create a seamless, user-friendly platform for contributions and withdrawals to enable us scale, drawing inspiration from successful models in Kenya, Rwanda, South Africa, and Botswana.
“Exploring ways to provide tangible benefits, such as microloans or health insurance linkages, to incentivize participation.”
According to her Micro Pension Plan is more than a financial product—it is a national mission. It represents our collective commitment to ensuring that no Nigerian, regardless of their economic status, is left behind.
“The potential is staggering: with over 77.5 million workers in the informal sector, even modest participation in the MPP could unlock billions of naira in savings, transforming individual lives and the national economy. But to achieve this, we need everyone—government, regulators, operators, Fintech partners, and community leaders—to work together with a shared sense of purpose.
“I urge each of us here today to champion this cause. Let us prioritize awareness campaigns that reach the grassroots, simplify processes to make enrollment seamless, and provide tangible incentives that show immediate value to participants.
“Together, we can make the Micro Pension Plan a cornerstone of Nigeria’s fight against poverty, a driver of financial inclusion, and a beacon of hope for millions of ordinary citizens in their old age.
“The Micro Pension Plan is not just about securing retirements—it’s about building a Nigeria where every citizen has the opportunity to thrive, both now and in the future. This is our shared mission, and I am confident that, together, we can achieve it.”
