PENCOM Director-General Omolola Oloworaran launching a campaign to register one million women for pension savings across Nigeria.
Nigeria’s pension regulator has launched a nationwide initiative aimed at expanding retirement savings among women working in the informal sector.
The Director-General of the National Pension Commission (PENCOM), Omolola Oloworaran, says the commission plans to register one million women for pension savings in 2026 to strengthen financial security for women who work outside the formal employment system.
Speaking in Abuja, during activities marking International Women’s Day, Oloworaran noted that women form a significant part of Nigeria’s informal workforce, particularly in markets and small businesses, yet many lack retirement savings.
She explained that while men dominate the formal sector where pension schemes are common, a large number of women operate in the informal sector, making targeted pension programmes necessary to protect their financial future.
The initiative was launched in a market community in Abuja where many women operate businesses. According to the PENCOM boss, market women work long hours to support their families and should also begin to plan for financial stability in old age.
Despite concerns that the target may be ambitious, Oloworaran expressed confidence that it is achievable, noting that Nigeria’s informal workforce is estimated at more than 77 million people.
To monitor progress, she said PENCOM will track daily registrations and contributions through reports submitted by Pension Fund Administrators (PFAs).
The commission also requires contributors to provide details of their next of kin during registration to ensure that pension benefits can be accessed by beneficiaries in the event of death.
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To encourage participation, PENCOM has introduced a matching contribution incentive during the campaign period. Under the arrangement, contributors will receive matching deposits up to ₦20,000.
For instance, a contributor who saves ₦1,000 will receive an additional ₦1,000, while a ₦10,000 contribution will attract another ₦10,000. Contributions above ₦20,000 will still receive a maximum matching amount of ₦20,000.
Oloworaran said funding for the initiative will come from pension fund administrators, donor organisations and individuals supporting the programme.
After the Abuja launch, the campaign will expand across other regions of the country, including the South West, South East, North East, North Central and North West, as part of efforts to broaden pension coverage among informal sector workers.
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