Contributors for the Micro Pension plan are now 30,000 seven months after it was launched, the National Pension Commission (PenCom) has said. The Acting Director General of PenCom, Aisha Umar-Dahir said this in an exclusive interview with Daily Trust.

The Micro Pension plan was launched by President Muhammadu Buhari in March 2019. It is aimed at extending pension coverage to the self-employed and persons working in the informal sector to drive financial inclusion and allow the target population to have a sustainable old age income after their retirement. She said, “Total registration under the Plan has remained around 30,000 contributors as at 31 October 2019.

The non-issuance of the Regulation on Fees Structure for the Plan has been the key challenge dragging its full implementation. It is expected that the Regulation will be issued before January 2020, in which case we would see more drive in registering contributors under the Plan.” The PenCom boss further said the performance of the Commission during the year has been great – an A+ and that the facts are verifiable.

“No doubt, PenCom is today the best financial regulator in the country for its achievement in regulating an industry from scratch to a world class financial force of more than N9.8 trillion, which is equivalent to about USD31 billion.

Read more @Daily Trust