The National Pension Commission (PenCom) has approved nine Payment Solution Service Providers (PSSPs) to handle pension contribution remittances under its new online Pension Contribution Remittance System (PCRS). This system replaces manual pension remittance processes, improving efficiency and transparency.
According to an update on PenCom’s website, the PCRS enables employers to upload pension schedules and make payments online at no cost. The commission emphasized that this transition aims to enhance accountability in pension administration.
Approved Payment Providers
PenCom has authorized the following nine PSSPs for pension remittances:
- Paypen (Netline Limited)
- Pencentral (Chamsaccess Limited)
- Pensphere (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 select any of these providers to facilitate pension contributions, ensuring faster and more accurate transactions.
Initially, the Pension Fund Operators Association of Nigeria (PenOp) planned to introduce four service providers by April 1, 2025. However, PenCom’s latest announcement expands the options and allows immediate adoption of the system.
PenOp CEO Oguche Agudah emphasized that the new digital system resolves common remittance challenges, such as uncredited retirement savings and missing payment records.
“With this system, pension payments will go directly to RSA holders, eliminating discrepancies in received funds and ensuring efficiency,” Agudah stated.
PenCom recently issued a directive allowing Pension Fund Administrators (PFAs) to process several retirement benefits without prior approval from the commission. Effective June 1, 2025, PFAs can now handle withdrawals, life annuities, and refunds for exempted individuals, significantly reducing bureaucratic delays.
However, applications for depleted RSAs and death benefits will still require PenCom’s approval. This move is expected to streamline pension administration and enhance the overall efficiency of the system.
