In the fourth quarter of 2024, AccessARM Pensions Limited a subsidiary of Access Holdings Plc, emerged as the clear market leader in Nigeria Micro Pension Plan (MPP) registrations.
The Pension Fund Administrator (PFA) recorded 4,350 new registrations during Q4, 2024, representing approximately 44.85% of the total 8,905 contributors registered industry-wide, according to regulator PENCOM data seen by MoneyCentral.
This performance builds on a sustained track record, as AccessARM also holds the highest cumulative registrations since the inception of the MPP scheme.
The Pension Reform Act (PRA) 2014 expanded coverage of the Contributory pensions Scheme (CPS) to the self-employed and persons working in organizations with less than 3 employees, as these category of workers constitute the larger percentage of the working population in Nigeria.
In implementing this initiative, the informal sector has been segmented into three broad categories. The low income earners, the high income earners and the SMEs.
Each of these categories is going to be targeted with appropriate pension products and sensitization programmes that meet their peculiarities.
By the end of December 2024, it had registered a total of 77,657 Micro Pension Contributors, representing 44.91% of all contributors under the scheme.
This level of dominance reflects strategic advantages such as extensive grassroots mobilisation, consistent public awareness, and possibly more effective distribution or onboarding channels.
Managing Director/CEO
of Access ARM Pensions Limited
Stanbic IBTC Pension Managers Limited followed as a notable second. In Q4 2024, the PFA registered 2,205 new contributors, accounting for 24.76% of the quarter’s total.
Cumulatively, it had onboarded 35,078 contributors by year-end, which equates to 20.28% of total Micro Pension registrations.
“While its quarterly performance remains strong, the gap between Stanbic IBTC and AccessARM in both quarterly and cumulative figures highlights the scale of AccessARM’s lead and possibly signals a need for renewed growth efforts from other PFAs,” regulator Pencom said in its fourth quarter (Q4) 2024 report.
Combined, AccessARM and Stanbic IBTC registered 6,555 contributors in Q4 2024, accounting for 69.61% of all new MPP registrations during the period.
A total number of 8,905 Micro Pension Contributors (MPC) were registered during the period under review by sixteen (16) Pension Fund Administrators bringing the total number registered MPCs from inception to 172,936 as at 31 December, 2024.
The total Pension Contributions received from MPCs in Q4:2024 was ₦89,377,706.10. This brought the total Pension Contributions made by the MPCs to ₦1.056 billion as at 31 December 2024.
A breakdown of the pension contributions received in Q4:2024 showed that Stanbic IBTC Pension Managers Limited and AccessARM Pensions Limited had the highest contributions of ₦45,578,675.43 (51.00%) and ₦19,941,710.00 (22.31%), respectively.
Out of the total pension contributions received from inception, Stanbic IBTC Pension Managers Limited and AccessARM Pensions Limited accounted for the largest amount with N526,956,473.43 and N211,585,609.37 representing 49.87% and 20.03% respectively, as at 31 December 2024.
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