Oloworaran: Foreign Currency RSA Offers Opportunity for Diaspora Participation in CPS

• New personal pension plan targets self-employed, underserved Nigerians as agents take services nationwide

•Pensioners cite payment of backlog, pension enhancements, PENCARE as gains, seek stronger collaboration

James Emejo in Abuja

Director-General, National Pension Commission (PenCom), Ms. Omolola Oloworaran, said the commission had opened a new front in the country’s pension market by allowing Nigerians working for foreign companies and those living abroad to participate in the Contributory Pension Scheme (CPS).

Speaking at the 2026 Customer Service Week seminar, with the theme, “Extra Mile”, in Abuja, Oloworaran said the commission was also pushing deeper into the country’s vast informal economy.

According to her, the measures form part of the commission’s new “Pension 2.0” reform agenda designed to widen coverage, strengthen protection of pension assets, and make the system more responsive to a changing workforce.

Represented by PenCom Head of Surveillance Department, Mr. Abdulrahman Saleem, Oloworaran stressed that Pension 2.0 was anchored on innovation, inclusion, and integrity, with the objective of moving pension administration beyond its traditional dependence on formal employer-employee relationships.

At the centre of the initiative is the Guideline on the Administration of Retirement Savings Accounts (RSAs) in Foreign Currency, which provides a framework for Nigerians employed by foreign companies and those working abroad to participate in the CPS.

The initiative seeks to expand the pool of long-term retirement savings while aligning the pension system with the increasingly international nature of Nigeria’s workforce.

Oloworaran said the reform reflected PenCom’s determination to ensure that pension administration kept pace with emerging employment patterns and the realities of a global workforce.

PPP Targets Informal Economy

Beyond the diaspora, Oloworaran pointed out that PenCom was also targeting millions of Nigerians whose livelihoods fell outside the conventional formal employment structure through the Personal Pension Plan (PPP).

She said the plan was designed specifically to bring self-employed persons and informal sector workers into the CPS, removing some of the barriers that had historically excluded them from formal retirement planning.

The commission had also established a Framework for the Engagement of Accredited Pension Agents, creating a distribution network through which pension products could be taken directly to underserved communities across the country.

The agents will market and sell the PPP, potentially shifting pension enrolment from an employer-led model towards one in which individuals can independently initiate and sustain retirement savings.

Oloworaran also disclosed that the commission had revised corporate governance guidelines for licensed pension fund operators and introduced recapitalisation requirements.

She said stronger capitalisation would improve operators’ resilience, strengthen protection of pension assets and support a more stable and competitive industry.

The revised governance framework, she added, would reinforce accountability, transparency and ethical conduct among operators.

Seamless Access to Pension Services

The PenCom director-general said current reforms were not limited to expanding coverage and strengthening operators, but also focused on changing how contributors and retirees interacted with the pension system.

“Pension 2.0 is not merely about reform; it is about transforming the customer experience,” she said.

She said PenCom would improve digital interface to make access to RSAs more seamless and responsive, while simplifying compliance processes for employers.

According to her, service delivery remains central to restoring confidence in the pension system, with the commission committed to greater transparency, open communication and responsiveness.

Pensioners Seek Deeper Engagement

National Chairman, Nigeria Union of Pensioners, Contributory Pension Scheme Sector (NUPCPS), Mr. Sylva Nwaiwu, said improved customer service had provided a platform for pensioners, contributors, and pension operators to address complaints and challenges affecting the scheme.

Nwaiwu cited the payment of pension increase backlogs dating back to 2007, restoration of regular payment of accrued pension rights, periodic pension enhancements, the PENCARE healthcare initiative, and expansion of micro-pension coverage among notable developments.

He urged PenCom to deepen engagement with pensioners to resolve outstanding issues and sustain confidence in the CPS.

SERVICOM Demands Accountability

Acting National Coordinator/Chief Executive of SERVICOM, Mrs. Helen Lawal, urged PenCom’s frontline personnel to make responsiveness, empathy, and accountability daily institutional practices rather than activities reserved for customer service celebrations.

Represented by a desk officer, Sesugh Duruba, Lawal urged staff to anticipate customers’ needs, provide timely follow-up, and work across departments to eliminate service bottlenecks.

She said stronger customer service would enhance public confidence in government institutions.