By Sola Alabadan
The theme of this conference, “Tech-Driven Transformation: Shaping the Pension Landscape,” couldn’t be more fitting.
Technology has become the backbone of transformation across all sectors, and the pension industry is no exception.
At PenCom, we have embraced this transformation wholeheartedly.
The pension assets of the contributory pension scheme in Nigeria was in excess of N21.9 trillion as of October, while the number of contributors has increased 10.5 million employees, says the Director General, National Pension Commission (PenCom), Ms. Omolola Oloworaran.
Speaking at a media conference organised by the commission in Lagos on Thursday, Oloworaran stated that this progress demonstrates the strength of the nation’s contributory pension system, even though there are still challenges. In realisation of the fact that inflation has been eroding the purchasing power of pensioners, she informed that PenCom is actively seeking innovative solutions to address this issue.
She also disclosed that N44 billion was recently approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023.
She added that “Moving forward, we are working with the Federal Government to put in place a sustainable solution that ensures retirees receive their benefits promptly and without undue stress.”
Since assuming office few months ago, “my team and I have been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimize returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector,” she noted.
Determined to ensure that no one should be left behind, no matter how small their earnings might be, she said the commission intends to use technology to scale the micro-pension plan through mobile enrollment, real-time account management and benefits administration.
According to her, the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October, replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online. “Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance,” she pointed out.
Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. She said this initiative will digitize pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.
To further enhance contributors’ experiences, Oloworaran said PenCom has introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric.
She further stated that “As we integrate technology across every aspect of the pension industry—ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery—we are paving the way for a future where the Contributory Pension Scheme (CPS) becomes more accessible, reliable, and sustainable.
“However, this transformation cannot succeed without your unwavering support as media practitioners. Your role in amplifying our initiatives and educating stakeholders across Nigeria is essential to achieving this vision.
“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement”.