The National Pension Commission (PenCom) has introduced an online Pension Contribution Remittance System (PCRS) to replace the manual process of remitting pension contributions in Nigeria. As part of this transition, the commission has approved nine Payment Solution Service Providers (PSSPs) to facilitate seamless pension payments for employers.
According to an update on PenCom’s website, the new system will allow employers to upload their employees’ pension schedules and make payments online, eliminating paperwork and reducing errors in pension remittances. The commission emphasized that the service is free and comes at no cost to employers.
The following nine payment providers have been authorized to operate under the new system:
– Paypen by Netline Limited
– Pencentral by Chamsaccess Limited
– Pensphere (formerly Paythru) by Pethahiah Rehoboth Int’l Limited
– Penremit by Cyberspace Limited
– Pensol by Uniswitch Technology Limited
– Penco by Gemspay Solutions Limited
– Awabah by Awabah Remit Services Limited
– Epcoss by Nigeria Inter-bank Settlement Systems Plc
– Interswitch by Interswitch Group
Employers can now select any of these providers to facilitate their pension remittance processes, ensuring faster and more efficient transactions.
The Pension Fund Operators Association of Nigeria (PenOp) had previously announced plans to introduce four pension service solution providers from April 1, 2025. However, with PenCom’s latest announcement, the initiative has been expedited, allowing employers to start using the platform immediately while expanding the number of available service providers.
At the 2024 PenCom Media Conference in Lagos, PenOp CEO Oguche Agudah explained that the shift to digital pension remittance is aimed at addressing common challenges, such as uncredited retirement savings accounts and pension fund operators receiving remittances without proper documentation.
“With this system, employers’ pension payments will go straight to the RSA holders. The standardized remittance template and validation checks will eliminate issues of ‘money received without a corresponding schedule,’ ensuring transparency and efficiency,” Agudah said.
PenCom’s new digital system is expected to streamline pension administration, making it easier for businesses to meet their pension obligations while ensuring employees’ funds are properly allocated.
