The National Pension Commission (PenCom), has strengthened Nigeria’s pension remittance infrastructure with the approval of Remita and eTranzact as authorised Payment Solution Service Providers (PSSPs). The decision expands employers’ options for remitting pension contributions and reinforces PenCom’s push toward a fully digitised, transparent, and efficient pension system.
With the addition of the two payment platforms, the total number of approved PSSPs now stands at 11, reflecting the commission’s strategy to broaden access, enhance compliance, and reduce operational bottlenecks in pension contribution processing.
Remita, eTranzact Join Pension Remittance Framework
Payment Solution Service Providers are companies authorised to facilitate the remittance of pension contributions from employers into employees’ Retirement Savings Accounts (RSAs). These platforms play a critical role by validating employee details, matching Pension Fund Administrators (PFAs), and ensuring that contributions are accurately credited.
The inclusion of Remita and eTranzact—both established names in our nation’s digital payment ecosystem—is expected to accelerate adoption of the new system, particularly among employers seeking reliable, scalable, and familiar payment channels.
A System Built for Accuracy and Transparency
The approvals operate under the Pension Contribution Remittance System (PCRS), introduced earlier this year by PenCom to modernise pension payments. The platform replaces fragmented and manual remittance processes with a unified digital framework designed to improve accuracy, efficiency, and transparency.
By automating validation and payment confirmation, the PCRS significantly reduces cases of misallocated or uncredited pension contributions, while providing clear audit trails for employers, pension operators, and regulators.
Full List of Approved Payment Providers
In addition to Remita and eTranzact, PenCom has approved the following PSSPs under the PCRS:
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Paypen by Netline Limited
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Pencentral by Chamsaccess Limited
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Pensphere by Pethahiah Rehoboth Int’l Limited
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Penremit by Cyberspace Limited
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Pensol by Uniswitch Technology Limited
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Penco by Gemspay Solutions Limited
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Awabah by Awabah Remit Services Limited
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Epcoss by Nigeria Inter-bank Settlement Systems Plc
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Interswitch by Interswitch Group
The expanded list underscores PenCom’s intention to promote competition, innovation, and system resilience within the pension remittance space.
June 2025 Deadline: Employers Put on Notice
PenCom has made it clear that adoption of the new remittance framework is mandatory. From June 2025, all employers are required to remit pension contributions exclusively through any of the approved PSSPs.
“In order to ensure timely and accurate remittance of pension contribution for their employees, all employers are required to promptly adopt any of the approved PSSPs as the new remittance process commences in June 2025,” the commission stated.
The directive signals a firmer enforcement posture as PenCom intensifies efforts to curb pension defaults and safeguard workers’ retirement savings.
Regulatory Relief for Pension Operators
Beyond remittance reforms, PenCom has also moved to ease regulatory pressures on pension operators. Last month, the commission issued an addendum clarifying aspects of the capital requirement reforms introduced in September 2025 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
The policy update marks a significant shift, particularly with the inclusion of the Statutory Reserve Fund (SRF), as part of shareholders’ funds for capital adequacy calculations. Changes were also made to how assets under management (AUM), are computed for surcharge purposes—adjustments expected to reduce capital strain across the industry.
Capital Rules Recalibrated
One of the most consequential amendments in the November 12 addendum allows PFAs across categories A, B, and C to count their SRF toward capital adequacy—reversing a key provision in the September 26 circular that had excluded the reserve from qualifying capital.
The reversal is expected to provide relief to mid-tier and smaller PFAs, many of whom warned that excluding SRF would force unnecessary capital raising despite having strong reserve balances.
By recognising SRF—retained earnings mandated by regulation—as part of capital, PenCom has softened the initial capital shock while giving operators greater flexibility to align internal resources with regulatory expectations.
A Broader Push for Pension System Stability
Taken together, the expansion of approved remittance platforms and the recalibration of capital rules signal a more pragmatic regulatory approach. PenCom is tightening compliance where it matters—pension remittances—while easing pressure where flexibility can strengthen industry stability.
The reforms underscore the commission’s broader objective: a pension system that is digitally efficient, financially resilient, and firmly anchored on the protection of contributors’ retirement savings.
