PenCom requires BVN for RSA registration

The National Pension Commission (PenCom) has called on pension fund administrators (PFAs) in the country to request the Bank Verification Number (BVN) from retirement savings account (RSA) holders in the course of data recapturing among others.

The commission said this in a circular released on its website. The circular said the directive was aimed at enhancing the security and integrity of the pension industry database. The regulation becomes effective February 1, 2025.

The circular reads: “PenCom hereby directs that all Pension Fund Administrators (PFAs) must require the mandatory provision of the Bank Verification Number (BVN) from individuals/RSA holders in processing their requests for RSA Registration or data recapture, as applicable.

“The circular requires all Pension Fund Administrators (PFAs) to ensure the mandatory inclusion of the 11-digit BVN during RSA registration and data recapture processes. This measure applies to new RSA registrations and updating existing records.”

Speaking on the development, the Head of the Surveillance Department, Pencom, A. M. Saleem, said the directive’s key requirements include: “BVN Validation: PFAs must ensure that the BVN provided for RSA registration and data recapture is 11 digits.

“RSA Registration: BVN must be provided for all new RSA registrations. PFAs must indicate that the BVN Field on their RSA registration forms is mandatory.
“Data Recapture: PFAs must obtain the BVN of RSA holders at the point of their data recapture. Consequently, PFAs must indicate the BVN Field on their data recapture forms is mandatory.

“Existing Records of RSA Registration and Data Recapture on the Enhanced Contributor Registration System (ECRS): Provision will be made by the Commission for PFAs to update the BVN records of existing RSA holders already on the ECRS, where they have not been provided, before the implementation of this Circular.

“This Circular supersedes the provisions of Sections 2.2.1 (15) and 5.3.6 (16) of the Revised Guideline on Retirement Savings Account Registration (2024).” PenCom urged PFAs to comply promptly with the new requirements and directed all inquiries related to the circular to the National Databank Management Department.