A new system to help employers comply with the recently introduced Pension Contribution Remittance System (PCRS) has been introduced by Interswitch.
Called PensionRemit, this platform is fully compliant with the PCRS framework. It is also an approved Payment Solution Service Provider (PSSP) authorized to operate under the new system.
Designed for ease and efficiency, it enables employers to upload contribution schedules, validate Retirement Savings Account Personal Identification Numbers (RSA PINs) and Pension Fund Administrator (PFAs) in real time, and complete secure payments, all in one seamless flow.
Built to meet the evolving needs of large enterprises, corporates, micro, small, and medium-sized businesses (MSMEs), and service providers across Nigeria, PensionRemit offers a suite of benefits designed to eliminate friction and boost compliance.
These benefits include a streamlined remittance process aligned with PCRS guidelines, real-time delivery, tracking and confirmation of schedules, automated audit trails with instant receipts, zero platform fees for employers, and a reduced compliance and reporting burden.
The platform also serves a broader ecosystem, including payroll service providers, human resource software and enterprise resource planning vendors, offering seamless integration of pension compliance into financial and administrative workflows.
“Our focus has always been on removing friction and unlocking growth for businesses. With Interswitch PensionRemit, we are delivering a digital infrastructure that empowers employers to meet their pension obligations effortlessly and at no cost. This is in line with our mission to drive inclusive financial participation through innovation,” the Managing Director for Commercial Inclusion at Interswitch Inclusio, Mr Muyiwa Asagba, stated.
Also, the Vice President for Sales and Account Management at Interswitch, Osasere Atohengbe, noted that, “We built Interswitch PensionRemit with employers and the future in mind, to boost our drive to address long-standing pain points in the pension remittance process. The platform equips both large organisations and small businesses with the tools they need to comply with PenCom’s new mandate in the most efficient way possible.”
Business Post reports that the new system, mandated by the National Pension Commission (PenCom) and the Pension Fund Operators Association of Nigeria (PenOp), took effect on June 1, 2025.