The National Pension Commission (PenCom) is targeting inclusion of over 20 million contributors in its Micro Pension Scheme as part of its plans to overhaul and expand the commission’s landscape.
The commission said the overhauling of the Micro Pension Plan (MPP) was part of a broader strategy to increase financial inclusion and extend pension coverage to more Nigerians, particularly in the informal sector.
The reforms, announced by the Director General, Omolara Oloworaran, during the 2024 PenCom Media Conference in Lagos on Thursday, seek to make the scheme more accessible and relatable to workers across various sectors.
Oloworaran explained that the current MPP did not sufficiently address the diverse needs of the informal sector, which include farmers, fashion designers, and traders. To make the scheme more inclusive and relatable, the commission plans to rename and restructure it, ensuring its appeal to individuals from all walks of life.
“We want to rebrand the Micro Pension Plan to make it more inclusive and relatable, particularly for individuals in the informal sector.”
