June 13, 2024

The Pension Fund Operators Association of Nigeria (PenOp) has called on tier-one underwriting firms in the nation’s insurance sector to provide health insurance coverage to 89,327 Micro Pension (MP) contributors in the country.

The three underwriting companies include AXA Mansard Health Insurance, Leadway Assurance Company, and Tangerine Life Insurance to improve health insurance acceptance in Nigeria.

According to the National Pension Commission (PenCom), a report of the last quarter of 2022 released on its website said the provision of health insurance is one of the incentives developed by pension fund operators to encourage the informal sector to embrace the Micro Pension Plan (MPP).

The report also said noted that the provision of incentives has been rerecognizeds as a critical factor for informal sector workers’ participation in the micro pension plan.

Citing the effort made so far by the industry stakeholders in the area of outlining engagements the commission noted that to ensure the effectiveness of the media campaign, additional outdoor campaign materials were deployed for wider reach, especially through the placement of stickers on Bus Rapid Transit (BRT) in Lagos, red buses in Abuja, and taxis in Port-Harcourt, Aba and other states of the federation for better access of the scheme.

The PenCom also explained that it conducted a one-day sensitisation workshop for leaders of three unions and associations registered under KWACCIMA – Kwara State Igbo Traders Association (KWAITA), National Union of Road Transport Workers (NURTW) and members of the Cooperatives Societies in Kwara State on 17 November 2022 in Ilorin, Kwara State.

However, a three-day sensitisation workshop for the leaders/members of major associations in Kano State (Market Traders Association of Nigeria and Kano Cooperative Federation Limited), adding that the sensitisation workshop in Kano State on December 1, 2022.

PenCom stated that it attended the Strategic Pension Fund Administration Course (SPFAC) at the Centre For Financial Economics NIPSS from 5-9 December,

PenCom said the total pension contributions received from micro pension contributors in Q4 2022 was N42,118,470.69, stressing that this brings the total pension contributions received to N368,034,392.81 from  It said a total number of 4,715 Micro Pension Contributors (MPC) were registered during the period under review by 18 Pension Fund Administrators bringing the total number of registered participants to 89,327 as at December 2022.


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