The Director-General of the National Pension Commission, Omolola Oloworaran, has revealed that the micro pension scheme would be remodelled to boost participation.
Oloworaran said this on Thursday at the 2024 PenCom Media Conference held in Lagos. Micro pensions are specifically designed for individuals in the informal sectors.
She said, “What we are doing with a micro pension is treating it a little differently from how we were doing it before. As we know, the micro pension doesn’t resonate with everyone within the informal sector, and some operators have shared feedback about the players saying, ‘I’m not micro; I’m making millions in a month, and you want me to open a micro pension account.’
“We want to rebrand the micro pension plan into a new one that will speak to every sector of the economy, including people who are at the bottom of the social strata.
“What we want to do is remodel the micro pension plan and let it speak to individuals in the informal sector directly, so whether you are a farmer, fashion designer, gatekeeper, etc., we will be meeting their needs with the products that will be coming out, and I’m sure we will be able to get more people in.”
