The National Pension Commission (PenCom) has announced that the Bank Verification Number (BVN) will be mandatory for all Retirement Savings Account (RSA) holders starting February. This move is aimed at enhancing data integrity, improving the efficiency of pension administration, and safeguarding contributors’ funds.
In a statement, PenCom emphasized that the integration of BVNs into the pension system would help eliminate issues related to multiple registrations, identity theft, and fraudulent activities. By linking RSAs to BVNs, the commission seeks to ensure that contributors’ records are accurate and up-to-date, thereby streamlining pension processes.
PenCom has directed all Pension Fund Administrators (PFAs) to notify their clients of this requirement and ensure that RSA holders update their records promptly. Contributors who have not yet provided their BVN are urged to visit their PFAs or use designated online platforms to complete the update process.

This initiative aligns with the broader efforts by financial regulators to promote transparency and accountability in Nigeria’s financial systems. The BVN, which serves as a unique identifier for individuals across banks and financial institutions, has proven to be an effective tool in combating fraud and improving service delivery.
While the implementation of this policy is expected to have long-term benefits, some stakeholders have raised concerns about potential delays and inconveniences during the transition period. PenCom has assured the public that adequate measures are being put in place to facilitate a smooth process.
RSA holders are advised to comply with the directive promptly to avoid disruptions in accessing their pension benefits. With the February deadline fast approaching, PenCom reiterated its commitment to ensuring a secure and efficient pension system that prioritizes the welfare of contributors.
This development marks another step toward fostering a more robust and transparent pension administration framework in Nigeria, reflecting the commission’s resolve to enhance the overall experience for RSA holders.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate