By Oluwakemi Kindness
Pension Fund Administrators (PFAs) have begun implementing PENCAP, a fully digital self-service platform designed to fast-track data recapture for Retirement Savings Account (RSA) holders nationwide.
The process officially went live on 1 February, enabling Retirement Savings Account (RSA) holders to update their records remotely without visiting PFA offices.
According to a statement issued on Tuesday by the Pension Fund Operators Association of Nigeria (PenOp), the platform allows eligible RSA holders to complete their data recapture from any internet-enabled device, including live biometric capture and document uploads.
PENCAP is specifically targeted at individuals who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not yet completed the mandatory data recapture exercise.
PenOp noted that the platform’s deployment was achieved through coordinated industry wide efforts, leveraging its expertise in pension operations, data management, and digital process optimisation to deliver a seamless, fully online process.
Submissions made through PENCAP are reviewed and approved by the respective PFAs, with automated notifications at every stage to ensure transparency and accountability.
Completion of the data recapture exercise remains essential for accessing critical pension services, including retirement benefit processing, retiree enrolment, verification, RSA transfers, and other approved transactions.
PenOp encouraged all eligible RSA holders who are yet to complete the exercise to take advantage of the self-service option to avoid delays or restrictions on their pension transactions.
The introduction of PENCAP underscores the pension industry’s commitment to digital innovation, operational efficiency, and enhanced contributor experience.
