\n The National Pension Commission has endorsed nine Payment Solution Service Providers to take part in the newly launched online Pension Contribution Remittance System.\n <\/p>\n
\n On its updated website, PenCom announced that the online Pension Contribution Remittance System has replaced the previous manual procedure for employers to submit their staff\u2019s pension payments.\n <\/p>\n
\n The disclosed service providers consist of Paypen offered by Netline Limited, Pencentral provided by Chamsaccess Limited, Pensphere (previously known as Paythru) from Pethahiah Rehoboth Int’l Limited, Penremit supported by Cyberspace Limited, Pensol developed by Uniswitch Technology Limited, Penco managed by Gemspay Solutions Limited, Awabah delivered by Awabah Remit Services Limited, Epcoss facilitated by Nigeria Inter-bank Settlement Systems Plc, and Interswitch represented by Interswitch Group.\n <\/p>\n
\n With this new setup, PenCom stated that ” Employers are now able to submit their employees’ schedules and transfer pension contribution payments online without leaving home or office.”\n <\/p>\n
\n The PCRS is available without charge and does not incur any costs for the employer.\n <\/p>\n
\n The PCRS guarantees that the pension payment timelines submitted by companies are correct, and it verifies employees’ personal ID numbers along with their pension fund managers against PenCom records prior to processing payments.\n <\/p>\n
\n Under this new system, employers have the option to choose among the authorized service providers for managing their pension contribution payments.\n <\/p>\n
\n Remember that the Pension Fund Operators Association of Nigeria declared in December that they will introduce four pension service solution providers beginning April 1, 2025, with the aim of streamlining pension payments within the industry.\n <\/p>\n
\n Following the PenCom announcement, the project has been accelerated by several weeks (since employers can now utilize the service providers right away) and the choice of service providers has become more favorable.\n <\/p>\n
\n At the 2024 PenCom Media Conference in Lagos, the CEO of PenOp, Oguche Agudah, stated during his speech that adopting technology aimed to tackle several issues within the present remittance framework. These problems encompassed unpaid retirement contributions and instances where transfers were made without an established plan.\n <\/p>\n
\n Back then, he had enlisted four service providers: PayPen from Netline Ltd., Paythru offered by Pethahiah at Rehoboth International Ltd., Pension Central provided by Chams, and Cyberpay from Cyberspace Ltd.\n <\/p>\n
\n Outlining the procedure, Agudah stated, “The mechanism will function such that once the employer contributes to the pension, the funds will directly reach the RSA holder. Additionally, a standardized remittance form will be implemented. Furthermore, validation processes will be put in place to prevent occurrences of ‘We received payment, yet we’re unsure about its origin.'”\n <\/p>\n<\/p>\n
Provided by Syndigate Media Inc. (
\nSyndigate.info
\n).<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Pension Commission has endorsed nine Payment Solution Service Providers to take part in the newly launched online Pension Contribution Remittance System. On its updated website, PenCom announced that the online Pension Contribution Remittance System has replaced the previous manual procedure for employers to submit their staff\u2019s pension payments. The disclosed service providers consist […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[388,439,286,1068,1069],"tags":[],"class_list":["post-2503","post","type-post","status-publish","format-standard","hentry","category-commerce","category-financial-services","category-money","category-payment-processing","category-pensions"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/posts\/2503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/comments?post=2503"}],"version-history":[{"count":0,"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/posts\/2503\/revisions"}],"wp:attachment":[{"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/media?parent=2503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/categories?post=2503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sanggraloka.com\/en\/wp-json\/wp\/v2\/tags?post=2503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}