Five PFAs control pension market, account for 54% of new RSAs

Five Pension Fund Administrators (PFAs) out of 18 licensed operators accounted for 54.41 per cent of new Retirement Savings Account (RSA) registrations in the first quarter of 2026, indicating continued concentration in Nigeria's pension market. According to the Q1'26 industry report released by the National Pension Commission (PenCom), Stanbic IBTC Pension Managers led the market with 17.47 per cent of new RSA registrations, followed by AccessARM Pension Managers with 10.63 per cent, FCMB Pensions with 10.15 per cent, TangerineAPT with 9.65 per cent, and Trustfund Pension closing the top five with 6.73 per cent. The remaining 13 firms control about 45.6 per cent of the market. PenCom noted that the combined share of the five leading PFAs represented a decline from the 62.11 per cent recorded previously.

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