By NIyi JACOBS
The National Pension Commission (PenCom) has approved nine Payment Solution Service Providers (PSSPs), including Interswitch, Awabah, and Pencentral, to enhance pension contribution remittances through a newly introduced digital system.
This move marks a shift from manual pension remittance processes to the online Pension Contribution Remittance System (PCRS), which allows employers to upload pension schedules and make payments seamlessly.
According to PenCom, the service comes at no cost to employers and is designed to improve transparency, efficiency, and accountability in pension administration.
The approved payment providers include:
- Paypen – Netline Limited
- Pencentral – Chamsaccess Limited
- Pensphere (formerly Paythru) – Pethahiah Rehoboth Int’l Limited
- Penremit – Cyberspace Limited
- Pensol – Uniswitch Technology Limited
- Penco – Gemspay Solutions Limited
- Awabah – Awabah Remit Services Limited
- Epcoss – Nigeria Inter-bank Settlement Systems Plc
- Interswitch – Interswitch Group
Employers can now choose any of these platforms for pension remittances, ensuring faster and more efficient transactions.
The Pension Fund Operators Association of Nigeria (PenOp) had previously planned to introduce four pension service providers by April 1, 2025. However, PenCom’s latest approval has expanded the list and fast-tracked implementation.
PenOp CEO Oguche Agudah emphasized that the system would eliminate issues such as uncredited retirement savings accounts and missing payment records. He noted that pension payments would now be processed directly into Retirement Savings Accounts (RSAs), ensuring better transparency.
Additionally, PenCom recently allowed Pension Fund Administrators (PFAs) to approve and process retirement benefits without prior approval from the commission. Starting June 1, 2025, PFAs will be required to process payments within two working days, while Pension Fund Custodians (PFCs) must credit beneficiaries within 24 hours.
However, applications for depleted RSAs and death benefits will still require PenCom’s approval. The commission has also amended key regulations to support these changes.
These developments are expected to enhance efficiency in pension administration, making it easier for employers and retirees to manage pension contributions and withdrawals.
