Nigeria’s pension system is going digital.
The National Pension Commission (PenCom) has approved Remita and eTranzact as Payment Solution Service Providers (PSSPs).
As a result, the total number of authorised providers rises to 11, giving employers more options to remit pension contributions efficiently.
Digital Leap For Pension Payments
PSSPs help employers transfer employees’ pension contributions into Retirement Savings Accounts (RSAs).
They ensure that payments remain safe, timely, and traceable.
Furthermore, PenCom launched the Pension Contribution Remittance System earlier this year to replace manual processes with a digital, streamlined platform.
Remita And Approved Providers List
In addition to Remita and eTranzact, other approved providers include
- Paypen by Netline Limited.
- Pencentral by Chamsaccess Limited.
- Pensphere by Pethahiah Rehoboth International.
- Penremit by Cyberspace Limited.
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- Pensol by Uniswitch Technology Limited.
- Penco by Gemspay Solutions Limited.
- Awabah by Awabah Remit Services Limited.
- Epcoss by Nigeria Interbank Settlement Systems Plc.
- Interswitch by Interswitch Group.
Consequently, employers must adopt one of these approved providers when the new system goes live in June 2025.
PenCom emphasised that this step ensures timely and accurate pension remittances.
Easing Capital Pressure
Moreover, PenCom recently eased some capital requirements for Pension Fund Administrators (PFAs) and Custodians (PFCs).
PFAs can now include their Statutory Reserve Fund (SRF) in shareholders’ funds when calculating capital adequacy.
This change reduces pressure on smaller and mid-tier PFAs, giving them more flexibility to meet regulatory requirements.
By combining digital innovation with pragmatic regulatory adjustments, PenCom is actively reshaping Nigeria’s pension sector, making it more efficient and transparent.
