Micro Pension participants hit 95,045, contribute N435.61m

The National Pension Commission (PenCom) has disclosed that it has recorded 95,045  Micro Pension participants under the MicroPensionPlan (MPP), Contributing N435.61million as at April 2023.

Director General, PenCom, Aisha Dahir-Umar, disclosed this at the maiden edition of the Micro Pension Open Day organised by the Pension Operators Association of Nigeria (PenOp) in Lagos.

With the theme, “Challenges, Prospects for Growth, and Deepening Financial Inclusion in Nigeria” the DG said the theme was apt as it aligned with the Commission’s resolve to expand pension coverage to all workers, especially those in the informal sector through the MPP.

She urged key players in the Micro Pension Plan like the Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), services providers, industry experts and the media to come up with strategies to overcome the inherent challenges and ensure the successful implementation of the MPP.

Recall that MPP was formally launched in March 2019 by the former President Muhammadu Buhari as part of the Commission’s efforts to expand pension coverage to workers in the informal sector.

This initiative will promote economic growth by providing a stable source of income for retirees and reduce old-age dependency, thereby causing a reduction in the poverty rate.