Access Pensions reports 71% profit growth in 2023, funds deliver mixed returns

Access Pensions recently published its 2023 audited accounts, providing a comprehensive overview of its financial health and fund performance.

This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders.

Financial Highlights

  • Total Revenue: The audited accounts revealed a significant growth in total revenue, reaching N12.35 billion in 2023, up from N7.04 billion in 2022. This increase is attributed to higher management fees, which were up 67% and to a lesser extent due to volume-improved investment income, up 159%.
  • Profit After Tax (PAT): PAT rose 71% to N3.78 billion, reflecting a robust growth compared to the previous year’s N2.21 billion.
  • Operating Expenses: Operating expenses rose faster than revenue and PAT by 78% to N6.63 billion from N3.72 billion. This led to a slight increase in the company’s cost-to-income ratio, which rose to 53.71% from 52.81% indicating prudent financial management amidst inflationary pressures.
  • Shareholder’s Funds: The company’s shareholders ended the year at N14.04 billion in 2023 up 15.6% from ₦12.14 billion in 2022
  • Return on Equity (ROE): The ROE was reported at 26.90%. Whilst this demonstrates efficient use of shareholders’ equity to generate profits, it is lower than inflation which closed 2023 at 28.92%.

Access Pensions: Financial and Fund Highlights

Access Pensions: Corporate Audited Annual Results

Access Pensions: Financial Ratios

Fund Performance Highlights

  • RSA Funds Performance: Access Pensions has all 7 regulated RSA pension funds available to the public. Only 3 of the 7 funds put in a better performance than the previous year, whilst all funds out-performed the industry benchmark returns (see our article on benchmark returns here).

5-Year Audited Pension Funds Performance

Number of RSA Holders

  • RSA Growth: The number of RSA holders grew by 4.8% in 2023, reaching a total of 1.105 million.

Demographic Analysis

  • Age Distribution: The majority of 330,000 RSA holders (83.9%) registered in 2023 fell within the age bracket of <30 years to 39 years, indicating a young and growing industry subscriber base. Of the 2023 registrations, Access pensions recorded 15.6%.


Access Pensions has demonstrated robust financial health for its shareholders in 2023, highlighted by significant revenue growth and strong profitability. In terms of fund management, improvements can be made and will be welcome from current RSA holders as well as anyone looking to use the transfer window to move to Access Pensions.

Watch out for the 2024 Money Counsellors Annual Report on Pensions. MCARP 2023 is available here.

Enews Nigeria