The National Pension Commission (PenCom) has made the Bank Verification Number (BVN) compulsory for all Retirement Savings Account (RSA) registrations and data recapture processes.
This directive, signed on January 9, 2025, and announced on Thursday, will take effect from February 1, 2025.
In a circular to all licensed Pension Fund Administrators (PFAs), signed by A.M. Saleem, Head of the Surveillance Department, PenCom stated that providing a BVN is now mandatory for new RSA registrations and updating existing account information.
PFAs are required to verify that the BVNs provided are accurate 11-digit numbers and must update their forms to include a compulsory BVN field.
For existing RSA holders without BVNs in the Enhanced Contributor Registration System, PenCom assured that arrangements would be made to update their records before the directive is fully implemented.
This new directive overrides sections 2.2.1 (15) and 5.3.6 (16) of the 2024 Revised Guideline on RSA Registration.
PenCom explained that the initiative is part of efforts to strengthen data security, streamline account management, and align with national financial regulations.
In a separate circular dated January 8, 2025, PenCom also eased documentation requirements for RSA registration to address challenges in obtaining Letters of Employment.
Private-sector employees and public-sector self-funded agency workers must now submit either a Letter of Employment, Letter of Appointment, or Staff Identity Card.
For public-sector treasury-funded agencies and police personnel, acceptable documents include a Letter of First Appointment, an Attestation Letter, or a Staff Identity Card.
If a Staff Identity Card is provided, additional identification such as a National Driver’s Licence, Permanent Voter’s Card, or International Passport will not be required.
Additionally, all employees must present a National Identity Card or enrolment slip from the National Identity Management Commission showing their National Identification Number (NIN).
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