Licensing A Pension Fund Administrator (PFA) In Nigeria: Step-By-Step Guide

1.0 Introduction

Nigeria's pension industry has evolved into one of the country's most heavily regulated and financially significant sectors. At the heart of this system are Pension Fund Administrators (PFAs) licensed institutions responsible for managing employees' retirement savings and ensuring that pension assets are invested prudently, transparently, and in compliance with the law.

In the same vein, the industry has undergone major transformation since the enactment of the Pension Reform Act 2004, which was later repealed and replaced by the Pension Reform Act 2014 (PRA 2014). This reform introduced a unified regulatory framework under the National Pension Commission (PenCom), the body charged with licensing, supervising, and regulating all pension-related operations in Nigeria.