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The National Pension Commission (PenCom) has announced that from February 1, Bank Verification Numbers (BVNs) will be mandatory for all Retirement Savings Account (RSA) registration and data recapture processes.
In a circular issued by A.M. Saleem, Head of PenCom’s Surveillance Department, the directive aims to bolster the security and integrity of the pension industry’s database.
Mandatory BVN Requirements for PFAs
According to the circular, Pension Fund Administrators (PFAs) are now required to adhere to the following guidelines:
- Ensure that all BVNs provided for RSA registration and data recapture processes are valid and consist of 11 digits.
- Make the BVN a mandatory field for new RSA registrations and include it prominently on registration forms.
- Collect the BVN of existing RSA holders during data recapture exercises and update these details within the Enhanced Contributor Registration System (ECRS).
The commission emphasized that PFAs must comply fully with the directive to maintain robust and secure pension records for RSA holders.
Revised Guidelines for Employee RSA Registration
In a related development, PenCom has updated its guidelines to address challenges faced by PFAs when obtaining employment documentation for new employees.
Under the amended Section 4.1.2 of the Revised Guideline on RSA Registration (2024), formal sector employees can now be registered using a staff identity card if they are unable to provide traditional employment documents such as:
- Letter of Employment
- Letter of First Appointment
- Attestation Letter
This amendment provides greater flexibility for employee registration while maintaining the integrity of the pension system.
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