The National Pension Commission (PenCom) has approved Remita and eTranzact as additional payment solution service providers (PSSPs), a move expected to deepen efficiency, competition and reliability in the pension contribution remittance process.

With the approval, the number of authorised providers under PenCom’s Pension Contribution Remittance System has risen to 11, broadening options available to employers and strengthening the infrastructure supporting Nigeria’s contributory pension scheme (CPS).

PSSPs are companies licensed to facilitate the transfer of pension contributions from employers to employees’ retirement savings accounts (RSAs). Their role is central to ensuring that contributions are remitted accurately, promptly and transparently across the pension value chain.

Industry operators said the inclusion of Remita and eTranzact would improve system resilience, reduce operational bottlenecks and enhance confidence among employers and contributors.

The commission introduced the Pension Contribution Remittance System earlier this year as part of wider reforms to modernise and eliminate pension administration.

The commission on the weekend, displaying on its website, said the expansion of approved providers would support smoother onboarding of employers as the new remittance process gains momentum.

Other approved PSSPs include Paypen, Pencentral, Penshere, Penremit, Pensol, Penco, Awabah, Epcoss by Nigeria Inter-bank Settlement Systems Plc and Interswitch.

The commission reiterated that employers are required to adopt any of the approved PSSPs to comply with the new remittance framework.

“To ensure timely and accurate remittance of pension contributions for their employees, all employers are required to promptly adopt any of the approved PSSPs as the new remittance process commences in June 2025,” the commission stated.