The National Pension Commission (PenCom) has announced the addition of Remita and eTranzact to its list of approved Payment Solution Service Providers (PSSPs) for the remittance of pension contributions.
With the inclusion of the two firms, the total number of approved PSSPs now stands at 11, according to the commission.
Payment Solution Service Providers are companies authorised to facilitate the remittance of pension contributions from employers into employees’ Retirement Savings Accounts (RSAs).
The initiative operates under the Pension Contribution Remittance System, introduced earlier this year by PenCom to streamline pension payments. The platform was designed to enhance accuracy, efficiency, and transparency in the pension remittance process.
Existing approved providers
The commission listed the other approved PSSPs as:
- Paypen by Netline Limited
- Pencentral by Chamsaccess Limited
- Pensphere 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 mandated to adopt new system
PenCom emphasized that employers must adopt one of the approved providers to ensure compliance with the new remittance process.
“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.
What you should know
Last month, PenCom issued a new addendum clarifying and easing some of the capital requirement reforms it introduced in September 2025 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
- The update marks a notable policy shift, especially with the inclusion of the Statutory Reserve Fund (SRF) as part of shareholders’ funds and changes in how assets under management (AUM) are computed for surcharge purposes, both of which could reduce capital pressure on PFAs.
- One of the key amendments in the November 12 addendum is the decision to allow PFAs to include their Statutory Reserve Fund (SRF) when calculating shareholders’ funds for capital adequacy purposes.
- This applies across all PFA categories A, B, and C and directly addresses a major point of contention in the original September 26, 2025, circular, which had excluded SRF from qualifying as capital.
This reversal is expected to ease capital-raising pressure, particularly for mid-tier and smaller PFAs, many of whom had warned that the exclusion of SRF would leave them with limited buffers despite having healthy reserve balances.
By recognising SRFfunds that are already retained earnings mandated by regulation—as part of capital, PenCom is effectively softening the initial capital shock and giving room for operators to better align their internal resources with regulatory expectations.
