PenCom DG Oloworaran highlights tech-driven transformation in Nigeria’s pension industry
The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, has stressed the strides being made to modernize Nigeria’s pension system and tackle its most pressing challenges.
She stated this during her address at a high-profile conference organized for media practitioners in Lagos on Thursday, themed, ‘Tech-Driven Transformation: Shaping the Pension Landscape.
Oloworaran emphasized the critical role technology plays in transforming the pension landscape. She revealed that as of October 2024, the commission oversees over 10.5 million contributors and manages pension assets exceeding ₦21.9 trillion. Despite these achievements, she acknowledged challenges such as inflation eroding retirees’ purchasing power and delays in the payment of accrued rights.
“Recently, ₦44 billion was approved under the 2024 budget appropriation to settle accrued pension rights for retirees from March to September 2023,” Oloworaran stated, adding that PenCom is collaborating with the Federal Government to establish a sustainable solution for prompt payments.
Oloworaran detailed several groundbreaking initiatives, including the launch of an e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. This portal eliminates manual processes, enabling businesses to apply for and receive PCCs seamlessly online.
Since its rollout, over 38,000 PCCs have been issued, streamlining compliance and boosting the ease of doing business.
The Pension Industry Shared Service Initiative, she said, “is another ambitious project nearing completion. According to her, it aims to digitize pension contributions and remittances, ensuring accurate and efficient processing while resolving discrepancies.
“In addition, PenCom has introduced a revised program withdrawal template to simplify access to voluntary contributions and align en-bloc payment thresholds with the new minimum wage.”
Oloworaran expressed her passion for the micro-pension initiative, designed to include informal sector workers such as artisans and entrepreneurs in the pension scheme. “No one should be left behind, no matter how small their earnings might be,” she asserted.
Leveraging technology, PenCom is scaling the initiative through mobile enrollment, real-time account management, and streamlined benefits administration.
The DG underscored the media’s integral role in supporting PenCom’s mission, describing journalists as both storytellers and stakeholders. “Your ability to inform, educate, and hold us accountable is invaluable,” she said, urging them to continue asking tough questions and amplifying the commission’s efforts.
Oloworaran closed with a forward-looking message, highlighting the transformative potential of technology in areas such as data management, investment oversight, and service delivery. She reaffirmed PenCom’s commitment to creating a more accessible, reliable, and sustainable pension system for all Nigerians.
With her dynamic leadership and bold vision, Omolola Oloworaran is undoubtedly steering PenCom toward a future of inclusive and tech-driven innovation.
