Five PFAs control pension market, account for 54% of new RSAs
Five Pension Fund Administrators Dominate Market with 54% of New Retiree Accounts
By Rosemary Iwunze
Five of the 18 licensed Pension Fund Administrators (PFAs) in Nigeria accounted for 54.41 percent of new Retirement Savings Account (RSA) registrations in the first quarter of 2026, signaling continued market concentration, according to a report from the National Pension Commission (PenCom).
Stanbic IBTC Pension Managers led the sector with 17.47 percent of new RSA registrations during the quarter. AccessARM Pension Managers followed with 10.63 percent, while FCMB Pensions recorded 10.15 percent. TangerineAPT captured 9.65 percent, and Trustfund Pension rounded out the top five with 6.73 percent. The remaining 13 PFAs control approximately 45.6 percent of the market.
PenCom noted a decrease in the combined market share of the top five PFAs, which stood at 62.11 percent in the previous quarter (Q4 2025). Despite this decline, the concentration of market activity remains significant.
“The top five Pension Fund Administrators accounted for 54.41 percent of new RSA registrations in the quarter, with Stanbic IBTC contributing 17.47 percent,” PenCom stated. “This represents a slight reduction from the 62.11 percent observed in Q4 2025, although high concentration persists.”
The Commission observed increasing competition among mid-tier operators, particularly with TangerineAPT’s recent entry into the top five, indicating a shift in the competitive landscape.
“Competition is intensifying in the mid-tier, and TangerineAPT’s emergence into the top five is a signal that the market is evolving,” PenCom added. “While concentration is not inherently a risk to stability, it raises questions regarding competitive dynamics among lower-tier operators.”
In related news, the PenCom report indicated that only eight states in Nigeria have fully implemented the Contributory Pension Scheme (CPS) by establishing the necessary legislation and engaging licensed PFAs. An additional 17 states have enacted pension laws but have yet to commence implementation, which PenCom identified as a key focus for 2026.
Notably, Kano State remains an outlier, as it continues to manage its pension funds through commercial banks rather than licensed PFAs, necessitating a distinct regulatory approach.
According to PenCom, these 17 states present a significant opportunity to broaden pension coverage in Nigeria.
“With the legal framework established, the focus will be on supporting the states and PFAs with guidance and engagement to facilitate the transition from legislation to effective implementation and to enhance pension coverage,” the Commission stated.
The findings underscore PenCom’s ongoing commitment to expanding pension coverage across the country, emphasizing the importance of moving states that have laid the legislative groundwork for the CPS toward practical implementation.
