L-R: Pension Fund Operators Association Of Nigeria (PenOp), Wale Odutola; President of PenOp, Aderonke Adedeji and Head, Corporate Communications, Peter Aghahowa of PenCom at the event.
BY NKECHI NECHE ESEZOBOR–-The National Pension Commission (PenCom) on Friday said 19 Pension Fund Operators (PFAs) in the country has registered 28,000 participants into the Micro Pension scheme as at October 2019.
The commission’s Head, Corporate Communications, Peter Aghahowa disclosed this while presenting a paper titled: “The Prospect and challenges of the new micro pension scheme” at the 2019 Pension Fund Operators Association Of Nigeria (PenOp), annual media partner seminar held in Lagos.
The breakdown shows that up till June 2019, 21,430 participants was registered under the micro pension and 221 participants were registered as at July 2019.
It added that as at August 2019 1,299 participants were registered by PFAs under the micro pension scheme and 2,737 participants were registered as at September 2019.
He listed low financial literacy, low registration; low awareness about the scheme and inadequate platform to support the scheme.
He however assured that the commission is doing everything possible to end these challenges confronting the scheme.
According to him the commission is engaging and working with National Indentity Number (NIN) and other agencies to resolve the issues.
Speaking further the President of PenOp, Aderonke Adedeji, said the micro scheme is far away from where it ought to be since it was officially launvh March, 2019.
On what they are doing, she said that they are cleaning up data to ensure smooth scheme and address the issue of transfer window which has been pending for years.
She added that NIN has also affected the process and the commission is already working with agency to ensure smooth scheme.
