The National Pension Commission (PenCom) has approved the inclusion of Remita and e-Tranzact 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, the companies authorised to facilitate the remittance of pension contributions from employers into employees’ Retirement Savings Accounts (RSAs) has increased the number of the approved payment platforms to 11.
According to the commission, the initiative which was introduced earlier this year by it operates under the Pension Contribution Remittance System, to streamline pension payments and also enhance accuracy, efficiency, and transparency in the pension remittance process.
The PenCom 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, and Pensol by Uniswitch Technology Limited.
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Others are Penco by Gemspay Solutions Limited, Awabah by Awabah Remit Services Limited, Epcoss by Nigeria Inter Bank Settlement Systems Plc, and Interswitch by Interswitch Group
To improve the efficiency of the pension payment system through compliance with the new remittance process, PenCom directed employers of labour to adopt one of the approved providers to ensure.
The commission stated: “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.”
It would be recalled that in November this year, the PenCom introduced a new addendum to the old guidelines on some of the capital requirement reforms it introduced in September 2025 for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).
The addendum represented a 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.
For instance, 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.
The amendments which applies across all PFA categories A, B, and C and directly addressed a major point of contention in the original September 26, 2025 circular, which had excluded SRF from qualifying as capital.
Analysts believe that the reversal will ease capital-raising pressure, particularly for mid-tier and smaller PFAs, most of who had warned that the exclusion of SRF would leave them with limited buffers despite having healthy reserve balances.
They maintain that by recognising SRFfunds that are already retained earnings mandated by regulation as part of capital, PenCom is softening the initial capital shock and enabling the operators to align their internal funds with regulatory expectations.
