Nigeria: CPS registration grows 0.65 percent in the third quarter

A total of 57,399 members have been recorded in the Contributory Pension Scheme (CPS) by the third quarter of 2019, depicting a growth of 0.65 percent, showed the National Pension Commission (NPC), according to a report by The Nation.

The report by NPC showed that the membership in the preceding quarter moved to 8.84 million from 8.78.

The rise in the members of the scheme was, however, driven by the Retirement Savings Account (SRA) Scheme, depicting 0.66 percent, with an increase of over 57,727 contributors, as per the report.

Though the membership was constant on the Approved Existing Scheme (AES), while in the Closed Pension Fund Administration (CPFA) Scheme the membership dropped by 328 members, remaining at 17,548.

In the same way, the report displayed that in the second quarter of 2019, the RSA registrations were at 8,722,609, which hit 8,780,336, in the third quarter with a rise of 0.66 percent.

The rise could be attributed to the grown level of adherence by the private sector as an influence of the various steps taken by the NPC to improve coverage and compliance, also the marketing strategies of the Pension Fund Administrators (PFAs).

On RSA registrations, the report stated that the PFA market share displayed a redistribution of these shares across different groups.