The National Pension Commission (PenCom) has announced the mandatory inclusion of Bank Verification Numbers (BVN) for all Retirement Savings Account (RSA) registrations and data recapture processes, effective February 1.

In a circular issued by PenCom’s Head of Surveillance, A.M. Saleem, the commission stated that the move is designed to strengthen the security and integrity of the pension industry database.

The directive allows Pension Fund Administrators (PFAs) to update BVN records for existing RSA holders through the Enhanced Contributor Registration System. The system is expected to simplify the process and ensure compliance across the industry.

PenCom emphasized its commitment to safeguarding pension contributors’ data while fostering transparency and accountability within the sector.