BY NKECHI NAECHE-ESEZOBOR—The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has stressed the need for sustained collaboration among regulators, pension operators, employers, technology providers, payment solution partners, and other stakeholders to drive the continued growth and transformation of Nigeria’s pension industry.
Speaking at the first anniversary of the Pension Contribution Remittance System (PCRS) and Payment Solution Service Provider (PSSP) Framework, the PenCom DG stated that the progress recorded since the implementation of the initiative demonstrates the power of collective efforts and partnerships in achieving institutional transformation.
She noted that the successful implementation of the PCRS required extensive collaboration across stakeholder engagement, system development, testing, integration, and capacity building. According to her, the achievement was not the result of any single organisation, but a reflection of the commitment of the entire pension ecosystem, including PenCom, the Pension Fund Operators Association of Nigeria (PenOp), Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), the 11 PSSP partners, employers, and other supporting organisations.
The DG emphasised that collaboration would remain critical as the industry continues its digital transformation journey. She affirmed that PenCom would continue to work with stakeholders to improve operational efficiency, strengthen pension administration, and enhance service delivery through technology, while ensuring that the industry responds effectively to the changing expectations of contributors and employers.
She also identified cybersecurity, data protection, and data integrity as key priorities, stressing that the increasing reliance on digital platforms makes it essential to protect contributors’ information and maintain the integrity of pension systems. Consequently, she urged stakeholders to uphold robust cybersecurity standards and risk management practices.
Looking ahead, she called for deeper adoption and compliance with the PCRS framework, continuous innovation, and stronger cooperation across the pension ecosystem. She added that improved remittance infrastructure would also support the Commission’s broader objective of expanding pension coverage and making participation in the Contributory Pension Scheme easier, more transparent, and attractive to more Nigerians.
Describing the PCRS and PSSP Framework as important milestones in the modernisation of Nigeria’s pension industry, she urged stakeholders to build on the achievements of the first year. She stated that the future of the industry would depend on the ability of all stakeholders to remain united in pursuing innovation, integrity, excellence, and improved retirement security for Nigerian workers.
She commended PenOp, PSSPs, PFAs, PFCs, employers, and all stakeholders whose commitment, innovation, and collaboration contributed to the celebrated milestones, noting that these achievements demonstrate what is possible when regulatory leadership, industry expertise, and technology-driven solutions converge around a shared vision.
Earlier, in his welcome address, the President of PenOp, Donald Onuoha, stated that one year after the introduction of PCRS, the initiative has recorded measurable progress. This includes the integration of Payment Solution Service Providers under a regulatory and operational framework, industry-wide audits, and ongoing efforts to identify and close gaps in the remittance process.
He acknowledged, however, that the implementation has faced challenges, including settlement failures, delays in transferring funds, incorrect payment details, and issues with contribution schedule formats.
He applauded PenCom for its oversight and support, while also appreciating employers, the Nigeria Employers’ Consultative Association (NECA), and Payment Solution Service Providers for their roles in the new system.
On the way forward, Onuoha urged PCRS stakeholders to focus on consolidation, stronger accountability, increased coverage, and expanding the system to reach more employers and contributors. He highlighted that managing over ₦30 trillion in assets for millions of Nigerians carries a significant public trust, making efficient service delivery and the protection of contributors’ funds a shared responsibility.
Also speaking, the Chief Executive Officer of PenOp, Anthonia Ifeanyi Okoro, stated that the event served to celebrate the success story of the PCRS and recognise the contributions of key stakeholders who helped make the system operational.
She explained that the occasion offered an opportunity to celebrate achievements, share success stories, discuss challenges encountered and overcome during the first year, and set a clear direction for the future.
She emphasised that the continued collaboration of all stakeholders will remain crucial in leveraging the system to transform and strengthen Nigeria’s pension industry.
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