By Chioma Obinna

The Managing Director of Citizens Pensions Limited, CPL, Mrs. Helen Da-Souza, has said the official launch of the new Pension Fund Administrator, PFA, operations in Lagos marks a significant step toward transforming Nigeria’s pension landscape with a strong focus on the underserved informal sector.

The new PFA, licensed by the National Pension Commission, PenCom, aims to drive financial inclusion and secure the retirement of millions of Nigerians, particularly those in the informal economy.

Da-Souza, who unveiled the company’s vision to be the “trusted partner for secure and prosperous retirement” during the official launch in Lagos, emphasized their mission to empower individuals and institutions to achieve their long-term financial goals.

“A key initiative is the Micro Pensions Plan, designed to cater to artisans, market traders, small-scale entrepreneurs, subsistence farmers, and self-employed individuals—a demographic often overlooked by traditional financial institutions. The informal sector is the heartbeat of Nigeria’s economy.

“Citizens Pensions will directly address the barriers these workers face, providing a structured, accessible, and user-friendly platform,” she added.

She explained that the plan offers flexibility, affordability, and security, allowing individuals to save at their convenience through digital and mobile-enabled solutions. “We are not just creating a financial institution; we are building a legacy of empowerment, security, and trust. Our drive is based on our strong belief that every Nigerian deserves the opportunity to retire with dignity.”

Da-Souza also stressed the need for in-depth education to ensure citizens understand their pension contributions and avoid misconceptions.

“We are going to embark on in-depth education of citizens of Nigeria, and that’s why we are here.”

Speaking, the Chairman of CPL, Chukwuka Onwuchekwa, called for collaboration across sectors to build a transformative pension system, saying, “We envision a system where enrolling for a pension plan is as easy as sending a text message, where contributions are transparent and accessible in real-time, and where customers can trust that their future is secure.”

Onwuchekwa said the firm was stepping into the space with a clear mission to provide retirement solutions that empower individuals and institutions to achieve their long-term financial goals.

“At Citizens Pensions, we are inspired by these advancements. But inspiration alone is not enough. We understand that innovation must be adapted to local realities.

“Nigeria, with its dynamic population and unique challenges, presents an incredible opportunity to leapfrog traditional models and embrace a future where pensions are not just an obligation but a cornerstone of financial empowerment.

“But let us be clear: building a transformative pension system is not a solo endeavor. As we begin this journey, we invite collaboration. From regulators to financial institutions, from employers to employees, we must work together to create a system that is inclusive, efficient, and sustainable.”

He explained that Citizens Pensions is committed to serving both the formal and informal sectors, offering Retirement Savings Accounts (RSAs), Approved Existing Scheme/Legacy Funds, Voluntary Contributions, Cross-Border Pensions, and Additional Benefits Schemes (ABS).

Also speaking, PenCom Director General, Omolola Oloworaran, who was represented by Mr. Akinsola Adeseun, commended Citizens Pensions’ entry into the market, highlighting the company’s potential to contribute to the growth and stability of Nigeria’s pension sector.

“This expansion reflects the growing confidence in the Contributory Pension Scheme (CPS) and underscores PenCom’s commitment to fostering a competitive, inclusive, and sustainable pension industry,” Oloworaran said.

With assets under management exceeding N22.5 trillion and RSA membership over 10.5 million, the Nigerian pension industry is experiencing significant growth. PenCom’s approval of new PFAs aligns with its strategic objectives to enhance efficiency, deepen financial inclusion, and strengthen customer-centric solutions.

The company’s operations will be guided by innovation, service excellence, and integrity, leveraging technology to streamline processes and enhance customer experience