The National Pension Commission (PenCom) has accredited Awabah as the first Pension Agent for enrolment under Nigeria’s Personal Pension Plan (PPP), marking a pivotal development in expanding pension coverage for the country’s informal workforce. The announcement was made via the regulator’s official social media platforms on Friday, February 8, 2026.
The PPP, formerly known as the Micro Pension Scheme, targets self-employed individuals and workers outside formal employment, including artisans, traders, freelancers, and professionals such as lawyers, doctors, and accountants. Accredited Pension Agents (APAs) like Awabah are licensed by PenCom to market the PPP and register participants, providing a structured avenue for retirement savings in Nigeria’s informal economy.
Brandspur Banking News Desk reports that Awabah is also a PenCom-approved payment solution service provider, offering a secure digital platform for pension remittances, aimed at simplifying and safeguarding contributions from informal sector participants.
Industry data from the third quarter of 2025 reveals that while 206,917 Retirement Savings Accounts (RSAs) were registered under the Personal Pension Plan, only 15,677 accounts—representing 7.6 per cent—were funded, leaving 92.4 per cent of accounts inactive. This disparity highlights a critical gap between enrolment and actual contributions within Nigeria’s micro-pension ecosystem.
PenCom emphasised that the accreditation of Awabah aligns with its broader mission to expand pension coverage and promote financial security for all Nigerian workers, particularly those previously excluded from formal retirement schemes. The regulator noted that the PPP provides an avenue for voluntary retirement savings for informal sector workers who traditionally do not benefit from employer-supported pensions.
Experts in the pension industry view this development as a strategic step to increase participation in retirement savings, improve financial literacy, and strengthen the sustainability of Nigeria’s pension system. The digital payment and registration capabilities provided by Awabah are expected to streamline contribution processes and address historical inefficiencies in the micro-pension framework.
Awabah’s accreditation is also seen as a test case for future expansion of the PPP network, as PenCom encourages other licensed APAs to enter the market and support the growth of pension enrolment across Nigeria’s informal sector.
