CPS remittance: PenCom approves nine payment solution service providers

The National Pension Commission (PenCom) has approved nine Payment Solution Service Providers (PSSPs) to enhance accuracy, efficiency, and transparency in pension contributions.

The new pension contribution remittance system platform is designed to optimise the process of remitting pension contributions into employees’ Retirement Savings Accounts (RSAs).

The system, which was developed in collaboration with the Pension Operators’ Association of Nigeria (PenOp), is a response to the challenges frequently encountered by employers, including errors in contribution schedules and verification delays.

Consequently, PenCom has set June 1, 2025, as the deadline for adopting this new remittance process, and warned that “From this date onwards, employers are to channel all pension contributions through the approved PSSPs”.

The approved PSSPs so far are: PENPAY by AWABAH Remit Services Limited, 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, ENCO by Gemspay Solutions Limited, PCOSS by Nigeria Inter-bank Settlement systems Plc and INTERSWITCH by Interswitch group.

PenCom stated that it remains open to approving additional PSSPs that meet specified criteria in the future.

Employers now have the flexibility to select from multiple approved PSSPs, enhancing their choice according to preferences for service, speed, and accessibility.

The Management of PenCom explained that the remittance platforms of these PSSPs support various payment methods, enabling employers to make immediate online payments, thus facilitating timely contributions to employees’ RSAs.

It added that the implementation of the system comes at no cost to employers, making it an economically viable option that promotes greater compliance and efficiency.

The Commission called for strict compliance from employers and contributors to remedy the situation, cautioning that the inability of PFAs to credit employees’ RSAs could potentially affect their retirement plans, as a result, it is critical to act quickly to correct the situation.

PenCom highlighted that this move demonstrates its commitment to continuously improving the CPS and ensuring accessibility for employers across Nigeria.

“As the Pension Contribution Remittance System rolls out, PenCom is optimistic that it will lead to a more transparent, efficient, and error-free process for pension contributions,” the Management stated.

It encouraged employers to adopt these changes promptly to ensure compliance and preserve the integrity of their employees’ pension contributions.

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