Nigeria’s pension industry says it has significantly reduced delays, reconciliation errors and unmatched pension contributions one year after deploying the Pension Contribution Remittance System (PCRS), a digital platform designed to modernise how employers remit workers’ retirement savings.
Industry stakeholders said the platform has improved the speed, accuracy and transparency of pension contribution processing, while strengthening compliance with the Contributory Pension Scheme (CPS).
They, however, stressed that broader employer adoption and continued digital innovation will be critical to expanding pension coverage.
The assessment was made at the first anniversary of the PCRS and Payment Solution Service Provider (PSSP) framework in Lagos, themed “Powering the Future of Pension Remittance: Celebrating One Year of Innovation, Partnership and Progress.”
Speaking at the event, Omolola Oloworaran, director-general of the National Pension Commission (PenCom), described the first year of the platform as proof that collaboration between regulators, pension operators and technology providers can deliver meaningful reforms.
