The Nigerian pension industry has made significant strides since the introduction of the contributory pension scheme two decades ago, offering a framework to secure the financial futures of millions of workers. However, growth in participation levels has slowed, with significant gaps remaining, particularly among informal sector workers.
In this second edition of our Pension Industry Customer Experience Survey, we explore contributors’ feedback and sentiments across various demographic groups. We observe different nuances in their engagement with the contributory pension scheme, particularly varying degrees of trust in the scheme and its operators. Trust remains a critical factor, driven by lingering skepticism from historical practices, alongside current challenges in accessibility, convenience, and transparency. Addressing these barriers is essential to boosting participation and ensuring the scheme fulfils its mandate.
While digital adoption is relatively high within the industry, poor user experiences and reliability issues continue to lead to missed opportunities. Globally, technologies such as artificial intelligence, blockchain, and machine learning have transformed pension systems by enhancing security, accessibility and personalisation. For Nigeria, the potential is immense, but their adoption must align with the country’s socio-economic realities, prioritising practicality and scalability.
This edition takes a deeper look at the critical touchpoints in a pension saver’s journey, offering actionable insights to address pain points and enhance customer experiences. It highlights the role of partnerships, targeted campaigns, and innovative solutions in addressing contributors’ evolving needs.
By demystifying pension systems, promoting trust in fund management and leveraging technology effectively, the Nigerian pension ecosystem can become more inclusive, transparent, and engaging. This report underscores the collaborative role of pension providers, the regulator, and stakeholders in achieving this shared vision.
We look forward to discussing the findings further.
