PenCentral, a subsidiary of ChamsAccess Ltd, has been approved by the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp) to provide pension payment services under the newly standardised remittance system.
PenCom and PenOp introduced this initiative to streamline pension contributions, ensuring seamless remittances with automated validation processes.
Oguche Agudah, chief executive officer of PenOp, at a recent forum in Lagos, assured employers that the new system would not incur extra costs.
He emphasised that standardized templates and validation checks would improve accuracy, reduce errors, and enhance transparency in pension contributions.
Read also: PenCom sets up advisory committee to drive non-interest pension fund development
Also speaking on this subject, Obioral Ibezialo, head of benefits and insurance at PenCom, highlighted that mismatched pension remittances due to missing schedules have been a major challenge.
The new system mandates that all pension remittances follow a standardized format, preventing funds from being unaccounted for. From Q2 2025, employers must comply with this framework to continue remitting pension contributions for over 10 million Retirement Savings Account (RSA) holders.
With over four years of operations, PenCentral has processed ₦33 billion in pension remittances and is expected to further enhance efficiency and service delivery. PenCentral CTO, Femi Olawale, reaffirmed the company’s commitment to simplifying pension remittances through improved RSA PIN validation, seamless API integration, and zero-fee charges.
In a message to stakeholders, PenCentral reassured users of full support during the transition, offering a video guide on their platform. For more details, visit www.pencentral.ng.
English (US) ·