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By Henry Uche
Parthian Pensions Limited has called for a nationwide push on financial literacy to boost the adoption of the Contributory Pension Scheme (CPS) and expand coverage in Nigeria’s vast informal sector.
Speaking at the 10th National Conference and Anniversary of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently, the Head of Operations at Parthian Pensions, Mr. Adetunbi Ashaye, urged stakeholders to step up education and sensitisation campaigns to dispel public apathy toward pension participation.
Ashaye said the new Pension Fund Administrator (PFA) is focused on the micro pension market as part of its strategy to onboard millions of informal sector workers into the retirement savings net.
He noted that many Nigerians fail to appreciate the significance of pensions due to limited financial understanding. “The previous pension system was unfunded; now that it is funded through contributions from employees and employers, it is highly regulated,” he explained. “What we need now is to drive financial literacy because people in Nigeria see pension as insignificant and unimportant.”
According to him, the Contributory Pension Scheme has been instrumental in ensuring retirees enjoy a decent life after their working years. “We need industry operators to promote financial literacy. People need to know what is going on and why they should continually support the contributory pension scheme,” he said.
Ashaye lamented that most Nigerians view insurance and pensions as luxuries rather than necessities.
“Their concern is that if they cannot provide for immediate needs like food, shelter, and clothing, why should they save? That’s why the micro pension plan must be simplified, digitised, and diversified so we can reach everyone,” he stated.
With pension assets projected to hit N29 trillion by the end of 2025, Ashaye noted that the industry’s performance remains strong. “In the first quarter of 2025, N79 billion was paid for Programme Withdrawal and N54 billion for Annuity. We need transparency, which PenCom is promoting. People are now seeing how the funds are growing,” he added.
Ashaye said Parthian Pensions intends to leverage technology and transparency to attract new contributors and deepen trust. “Though we are one of the late entrants into the industry, that doesn’t mean we don’t have what it takes to excel. We are technology-driven for effective service delivery,” he assured.
He disclosed that the company aims to tap into Nigeria’s 80 million-strong informal market by simplifying the onboarding process. “They can onboard from the comfort of their homes. We care about our customers. There is a human face to every service we render,” he said.
Ashaye concluded with confidence that Parthian Pensions would expand the industry’s reach rather than compete destructively. “We are not just coming into the business to cannibalise existing RSA holders; we are coming to bring on board new RSAs and chart a new course,” he said.
