The National Pension Commission (PenCom) has officially approved nine Payment Solution Service Providers (PSSPs) to facilitate the new online Pension Contribution Remittance System (PCRS).
This marks a significant shift from the previously manual process of pension contribution remittance, aiming to make the system more efficient and accessible for both employers and employees.
PenCom’s announcement on its official website revealed that the new online platform will enable employers to conveniently upload employee schedules and remit pension contributions from anywhere, whether from their offices or homes.
The system eliminates the complexities of manual processes and introduces a more transparent, secure, and user-friendly way to handle pension payments.
The approved providers for the online Pension Contribution Remittance System include:
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
These PSSPs will now play a pivotal role in ensuring that pension contributions are accurately remitted, as the new system guarantees that uploaded schedules are verified for employee personal identification numbers (PINs) and pension fund administrators (PFAs) with PenCom before processing payments.
Benefits of the New System
One of the most notable benefits of the new system is its accessibility. Employers can complete all remittance processes from their offices or homes, without the need for manual intervention.
PenCom assured that the PCRS is completely free of charge for employers, making it an attractive and cost-effective option for companies.
Additionally, PenCom stressed that the online system will enhance the accuracy of pension remittances by preventing errors in employee identification and pension fund allocation.
This move aligns with the Commission’s commitment to improving transparency and accountability in Nigeria’s pension system.
The rollout of the PCRS is part of PenCom’s ongoing efforts to modernize the country’s pension system, making it more efficient and adaptable to modern technological advancements.
Employers and pension contributors alike can expect quicker processing times, reduced chances of errors, and a more reliable pension system going forward.
