Commission now has 11 certified platforms as employers prepare for mandatory adoption….
The National Pension Commission has expanded its list of certified Payment Solution Service Providers (PSSPs) for pension contribution remittances, approving Remita and eTranzact as the newest additions.
With the inclusion of both platforms, the number of authorised PSSPs under the Pension Contribution Remittance System rises to 11.
PSSPs are licensed to facilitate the transfer of employers’ pension contributions into employees’ Retirement Savings Accounts, ensuring that payments move seamlessly from payroll systems to pension operators.
PenCom introduced the Pension Contribution Remittance System earlier this year to modernise the remittance process and reduce errors. The platform is designed to improve transparency, strengthen data integrity and accelerate the flow of pension contributions across the system.
Full list of approved PSSPs
The commission listed the previously approved platforms as:
- Paypen – Netline Limited
- Pencentral – Chamsaccess Limited
- Pensphere – Pethahiah Rehoboth Int’l Limited
- Penremit – Cyberspace Limited
- Pensol – Uniswitch Technology Limited
- Penco – Gemspay Solutions Limited
- Awabah – Awabah Remit Services Limited
- Epcoss – Nigeria Inter-Bank Settlement Systems (NIBSS) Plc
- Interswitch – Interswitch Group
- Plus the newly added Remita and eTranzact
Mandatory migration for employers
PenCom reminded employers that using one of the approved PSSPs is now compulsory.
“To ensure accurate and timely remittance of pension contributions, all employers are required to adopt any of the approved PSSPs as the new remittance framework becomes fully operational in June 2025,” the commission said.
Regulator eases capital requirement rules for PFAs
The announcement comes a month after PenCom issued an important addendum softening some of the capital reforms announced in September 2025 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
The November 12 update introduces a major shift by allowing PFAs to count their Statutory Reserve Fund (SRF) as part of shareholders’ funds when calculating capital adequacy. This applies across all PFA categories , A, B and C.
The original September circular had excluded SRF from qualifying as capital, a move many operators argued would create unnecessary pressure, especially for mid-size and smaller PFAs. The reversal now allows firms to rely on reserve funds that were already set aside by regulation, giving them more breathing room to meet capital thresholds.
PenCom also reviewed how assets under management (AUM) are computed for surcharge assessment, another measure expected to reduce financial strain on operators as the industry adapts to the new rules.
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