Access Pension Now Nigeria’s Second Largest by RSAs With 10.7% Market Share

Access Pension Limited a subsidiary of Access Holdings has emerged as the second largest Pension Fund Administrator by number of Retirement Savings Accounts (RSA) contributors, at the end of the First Quarter (Q1) of 2023, following a string of acquisitions.

Analysis of the distribution of total RSA count across PFAs in the first quarter of 2023, revealed that Stanbic IBTC continued to maintain the largest market share of 20.3% with 2.015 million RSA customers, followed by Access Pensions Limited which had 10.7% market share with 1.06 million customers.

ARM Pension Managers (PFA) Limited, Trustfund Pensions Limited and Premium Pension Limited followed with 9%, 8.1% and 7.9% market share, respectively.

Consequently, the five (5) PFAs collectively held about 55.8% market share of the 9.945 million total RSAs in the first quarter of 2023.

Last year, Access Holdings acquired a majority equity stake in First Guarantee Pension Limited. First Guarantee Pension Limited had 2.9% market share of the Pensions industry, equivalent to 278,321 Retirement Savings Accounts (RSA) as at December 2021.

Access Holdings Plc, in 2022 also completed its acquisition of indirect equity stake in Sigma and the merger of First Guarantee Pension Limited (FGPL) with Sigma.

Access Holdings earned N1.32 billion as income from asset management in Q1, 2023, up 525% from the N211 million it earned in Q1, 2022 and owned 51.51% of Access Pensions Limited as at March 2023.