FirstBank of Nigeria Limited has launched a nationwide roadshow targeting pensioners across the country, aimed at raising awareness about the Approved Pension Settlement Framework (APSF). The initiative, which began in August 2026, is designed to educate retirees on how to access their full pension lump sum payments under the Central Bank of Nigeria (CBN)-backed framework.
Roadshow Details and Objectives
The roadshow will cover multiple states, including Lagos, Abuja, Port Harcourt, Kano, and Enugu, with dedicated sessions held at FirstBank branches and community centres. According to the bank, the programme seeks to address the information gap among pensioners regarding the APSF, which allows eligible retirees under the Contributory Pension Scheme (CPS) to receive a one-off lump sum payment of their entire pension savings, rather than periodic instalments.
FirstBank's Head of Retail Banking, Mr. Olusegun Alebiosu, stated: "This roadshow is part of our commitment to ensuring that pensioners are fully informed about the benefits available to them under the APSF. We want to make the process seamless and accessible, so that retirees can make informed decisions about their financial future."
How the APSF Works
The Approved Pension Settlement Framework was introduced by the CBN in collaboration with the National Pension Commission (PenCom) to provide a structured mechanism for the payment of pension lump sums. Under the framework, qualifying pensioners can apply to their Pension Fund Administrators (PFAs) to access their entire Retirement Savings Account (RSA) balance as a lump sum, subject to certain conditions.
Eligibility criteria include that the pensioner must have retired from active service and must have a minimum RSA balance as specified by PenCom. The framework is intended to offer financial flexibility to retirees, enabling them to invest in businesses, pay off debts, or meet other immediate needs.
Impact on Pensioners and Next Steps
The roadshow includes interactive sessions where pensioners can ask questions and receive one-on-one guidance on completing the application process. FirstBank has also set up dedicated help desks at its branches to assist retirees with documentation and verification.
According to the bank, the initiative is expected to reach over 10,000 pensioners across the five pilot states within the first phase of the roadshow, which runs through September 2026. The bank plans to extend the programme to additional states based on feedback and demand.
FirstBank urged all eligible pensioners to visit their nearest branch or attend a roadshow event to learn more about the APSF and how to access their pension lump sum payments.
