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Pan-African rating agency, Agusto & Co., has upgraded the rating of CrusaderSterling Pensions Limited from A+(PFM) to AA-(PFM), in recognition of its strong investment capacity, effective pension administration, and sound risk management practices.
The company announced the upgrade on Tuesday, describing it as a milestone that highlights its operational excellence and strategic growth in the Nigerian pension industry. The new rating reflects improvements in performance, governance, and innovation, placing CrusaderSterling Pensions among the top-rated pension fund managers in the country.
The development comes 14 months after the company received its A+(PFM) rating in 2024, continuing a trend of steady progress in the sector. Notably, CrusaderSterling Pensions had earlier made history in 2018 as the first Pension Fund Administrator (PFA) to be assigned a Pension Fund Manager rating of “A” by Agusto & Co.
In a statement, the firm said: “Our previous A+(PFM) rating was predicated upon significant investments in the automation of key processes related to contributions management and benefits administration. Furthermore, our accomplishments are attributed to a proven operational track record, a stable team of experienced professionals, and well-structured investment and risk management frameworks.”
The statement further explained that the newly awarded AA-(PFM) rating validates the effectiveness of its strategic initiatives and underscores its commitment to innovation, efficiency, and client-focused service delivery. “It serves as a testament to our ongoing progress in delivering value through innovation and efficiency,” the company said.
Beyond its rating achievements, CrusaderSterling Pensions highlighted other significant milestones. In 2024, the firm attained the ISO 9001:2015 certification for Quality Management Systems and the ISO 27001:2022 certification for Information Security Management Systems. According to the company, these certifications reinforce its capacity to provide secure, reliable, and sustainable services, especially through digital platforms.
Industry analysts note that ratings by Agusto & Co. play an important role in boosting confidence in Nigeria’s pension sector, as they provide independent assessments of a firm’s stability, governance, and ability to manage contributors’ funds. For CrusaderSterling Pensions, the upgrade to AA-(PFM) may strengthen its reputation among contributors, potential clients, and regulators in a highly competitive industry.
The Nigerian pension sector has been undergoing reforms and digital transformation in recent years, with Pension Fund Administrators investing in technology to enhance transparency, efficiency, and customer service. CrusaderSterling Pensions has been among the firms leading this transition, focusing on digital solutions to manage contributions and process benefits.
Experts believe that the upgrade also positions the company more favorably in attracting institutional and individual contributors. With the National Pension Commission (PenCom) pushing for improved risk management and compliance frameworks, higher-rated PFAs are expected to benefit from increased trust and client acquisition.
The firm’s emphasis on automation and digital channels also aligns with broader trends in Nigeria’s financial services industry, where companies are leveraging technology to enhance efficiency and cut operational costs. By integrating international quality and security standards into its systems, CrusaderSterling Pensions appears to be strengthening both its operational backbone and client confidence.
Stakeholders say the achievement could further boost investor confidence in the pension industry, particularly at a time when more Nigerians are looking towards retirement planning and long-term savings. With over N19 trillion in pension assets under management nationwide, the competition among PFAs continues to intensify, making strong ratings a critical differentiator.
CrusaderSterling Pensions stressed that its new rating is not just a recognition of past success but also a motivation to continue building value. The company reiterated its focus on offering innovative pension solutions, enhancing customer satisfaction, and contributing to the overall growth of the Nigerian pension industry.
