Nigeria: BVN, NIN Compulsory for Retirement Savings Accounts - PenCom

23 August 2019

The National Pension Commission (PenCom) has directed all Pension Fund Administrators (PFAs) to update the records of all retirement savings accounts (RSAs) to include Bank Verification Number (BVN) and National Identification Number (NIN).

This directive was contained in a notice by the PenCom directing PFAs to carry out a recapture exercise to link BVNs and NIN with RSAs.

The directive indicated that the new development is in line with the Federal Government mandate to improve the National Identity System in Nigeria.

"The federal government of Nigeria has made it mandatory that every Nigerian must have a National Identification Number (NIN). To enable the Pension Industry comply, the National Pension Commission has directed all Pension fund administrators to update the records of their clients," the notice read.

Recently, PenCom introduced an Enhanced Contributor Registration System (ECRS) to replace Contributor Registration System (CRS) as part of efforts to sanitise the database of participants in the Contributory Pension Scheme (CPS).

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