Thursday, August 22, 2019
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Own a pension account? FG says you must recapture to link your NIN, BVN

Own a pension account? FG says you must recapture to link your NIN, BVN
August 22
12:18 2019
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The National Pension Commission (PenCom) has directed all retirement savings account (RSA) holders must undergo a recapture exercise to link their bank verification number (BVN) and national identification number (NIN) to their accounts.

In a notice seen by TheCable, PenCom said the directive is as a result of the federal government’s drive to implement the national identity management system.

“The federal government of Nigeria has made it mandatory that every Nigerian must have a National Identification Number (NIN).

“To achieve this, all data generating organisations have been directed to harmonize their database with the National Identity Management Commission (NIMC), whose mandate it is to implement the National Identity System in Nigeria.

“To enable the Pension Industry comply, the National Pension Commission has directed all Pension fund administrators to update the records of their clients.

“Consequently, all retirement savings account holders, both active and retired are hereby advised to approach their PFAs to provide their NINs and Bank Verification Numbers, as well as other mandatory biodate information.”

TheCable had earlier reported that the Pension Fund Operators Association of Nigeria (PenOP) had said contributors will be unable to access their contributions if they do not undergo the recapture process.

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Exchange Rates

August 22, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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