CPS membership hit over 10m in June 2023

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By Favour Nnabugwu 
A total members of Contributory Pensions Scheme, CPS to pension has hit over 10million as at June 30, 2023.
The Director-General of the National Pension Commission, PenCom, Mrs. Aisha Dahir-Umar said that the membership rose from 9.86 members as of the end of 2022 to over 10 million members as of June 2023 with an increase of 146,920 new contributors
Also, the nation’s pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023.
Dahir-Umar in Abuja on Thursday revealed that said the Agency’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.
PenCom Director-General who spoke at the 2023 Journalists Conference organised by the PenCom for Pension Correspondents with the theme,  “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction”
She said the Contributory Pensions Scheme, CPS has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.
Represented by the Head Corporate Communication of PenCom, Mr Abdulquadri Dahiru affirmed that PenCom’s commitment to enhancing the knowledge and understanding of the CPS and its impact in the lives of contributors and retirees is not contestable.
” It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.
“It reflects PenCom’s commitment to continuous service improvement in the Pension Industry so that contributors and retirees receive the best possible experience.”
In the course of the interaction, the DG, said three enlightening papers addressing essential aspects of the Agency’s pension system’s service delivery would be presented.
The first paper, “Enhancing Customer Service in the Pension Industry: PenCom’s New Strategic Plan,” will highlight the Commission’s latest initiatives to elevate customer service.
The creation of the Consumer Protection Department (CPD), she further explained underscores PenCom’s determination to prioritise service delivery and provide our Retirement Savings Account holders with the care and attention they rightfully deserve.
The second paper, “Strengthening Regulatory Oversight for Improved Service Delivery in the Pension Industry,” will explore how regulatory measures can effectively bolster the quality of services provided in the pension sector. Regulatory oversight is pivotal in maintaining transparency, fairness, and efficiency, which are the cornerstones of our pension system.
The third paper, “Improving Accessibility and Service Delivery in RSA Mortgage Financing,” will be presented by the Chief Executive Officer (CEO) of the Pension Fund Operators Association of Nigeria (PenOp).
The presentation according to her will delve into the crucial area of mortgage financing, addressing ways to enhance accessibility and service delivery for our eligible Retirement Savings Account holders.
While appreciating the Journalists for their support and collaboration, she said, “Your dedication and support are instrumental in advancing PenCom’s mission. Let us embrace the spirit of learning, collaboration, and progress throughout this event and beyond.Thank you, and I wish you all a fruitful and rewarding conference.”

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