First Pension Custodian

What First Pension Custodian does

First Pension Custodian Nigeria Limited (FPCNL) is a regulated Nigerian pension fund custodian licensed by the National Pension Commission (PenCom) under the Pension Reform Act 2014 and operating since 2005 as a wholly-owned subsidiary of First Bank of Nigeria Limited (within FBN Holdings Plc). The company delivers the full suite of custodial services permitted under the Pension Reform Act 2014, including safekeeping of pension assets, trade settlement, corporate actions processing, pension and benefit payment disbursement, performance measurement, cash management, and portfolio valuations, and offers a Personal Pension Plan for individual retirement savers.

The underlying technology comprises an ISO 27001:2022-certified Information Security Management System supporting an Online Pension Contribution Remittance System that electronically connects employers to FPCNL through ten approved Payment Solution Service Providers (Remita, NIBSS EPCCOS, Interswitch, PenCCO, PenCentral, PayPen, PenSphere, PenRemit, Pensol, and Pension Gateway), eliminating paper-based remittance and accelerating crediting to Retirement Savings Accounts. The platform is operated from a Lagos headquarters and an Abuja liaison office by 51-100 employees.

FPCNL operates a B2B enterprise model monetizing recurring custodial service fees from licensed Pension Fund Administrators (PFAs), transaction fees for pension and benefit payment processing for annuity-providing life insurers, and contribution-handling fees for employer remittances. Its customer base spans eight named PFAs (Access ARM Pensions, Crusader Pensions, Fidelity Pension Managers, Leadway Pensure, NLPC PFA, Stanbic IBTC Pension, Premium Pension, PAL Pensions), five annuity providers (AXA Mansard, African Alliance Insurance, AIICO Insurance, Coronation Insurance, Sanlam Nigeria), and major employer contributors including Shell Nigeria. Pricing is not publicly disclosed and is governed by PenCom regulatory guidelines, and the company is restricted to the Nigerian domestic market.

Name

First Pension Custodian

Legal name

First Pension Custodian Nigeria Limited

Website

https://firstpensioncustodian.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

First Pension Custodian Nigeria Limited (FPCNL) is a PenCom-licensed pension fund custodian and wholly-owned subsidiary of First Bank of Nigeria Limited, providing asset safekeeping, trade settlement, contribution collection, and benefit payments to Pension Fund Administrators, life insurers, and Nigerian employers under the Pension Reform Act 2014.

Ownership category

akta.pro rank

Product category

Pension Fund Custody

NAICS

Insurance and Employee Benefit Funds (5251), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

akta.pro primary industry

Global Custody (Multi-Asset Safekeeping) (FSAAAOAA)

akta.pro secondary industries

Custodian Banks (Global/Regional/Sub-custody) (FSACAHAB), Employee Benefit & Retirement Plan Trust Services (FSAAANAC)

Keywords

• Pension fund custody
• Pension asset safekeeping
• Trade settlement services
• Pension contribution collection
• Benefit payment processing

Headquarters

HQ city

Ikoyi

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Others, Infrastructure

Revenue model

1. Custodial Services Fees: Fees charged to Pension Fund Administrators (PFAs) for custodial services including safekeeping of pension assets, trade settlement, corporate actions processing, and contribution collection under the Pension Reform Act 2014.
2. Pension and Benefit Payment Services: Services related to processing pension and benefit payments for retirees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

First Pension Custodian Nigeria Limited provides the full range of custodial services permitted under Nigeria's Pension Reform Act 2014, including safekeeping of pension assets, trade settlement, corporate actions processing, pension contribution collection, benefit payments, performance measurement, compliance monitoring, cash management, and portfolio valuations. These services are delivered to Pension Fund Administrators (PFAs) and annuity providers, with employer contributions collected electronically via an integrated Online Pension Contribution Remittance System linked to multiple approved Payment Solution Service Providers.

Product overview

First Pension Custodian Nigeria Limited operates as a unified pension fund custody platform offering comprehensive custodial services under the Pension Reform Act 2014. The core offering is the Pension Fund Custody Services platform, which integrates services including Pension Contributions Collection, Trade Settlement, Corporate Actions, Safekeeping of Pension Assets, Pension and Benefit Payment, Performance Measurement and Compliance Monitoring, Cash Management, Portfolio Valuations, and Personal Pension Plan. The platform is complemented by the Online Pension Contribution Remittance System, which enables electronic pension contributions via integrated Payment Solution Service Providers (PSSPs) including Remita, EPCCOS (NIBSS), Interswitch, PenCCO, PenCentral, PayPen, PenSphere, PenRemit, Pensol, and Pension Gateway. The company is a wholly-owned subsidiary of First Bank of Nigeria Limited, licensed to operate as a Pension Fund Custodian since 2005.

Differentiator

Problem solved

Functional benefit

Products and services

• Pension Fund Custody Services Comprehensive custodial services under the Pension Reform Act 2014, covering safekeeping of pension assets, trade settlement, corporate actions processing, pension contributions collection, and benefit payments. Sold to Pension Fund Administrators managing Retirement Savings Accounts in Nigeria.
• Online Pension Contribution Remittance System Standalone electronic platform that lets employers upload monthly pension contribution schedules and pay electronically through approved Payment Solution Service Providers, with reconciliation into Retirement Savings Accounts. Designed for employers and PFAs to enhance accuracy, minimize errors, eliminate paperwork, promote transparency, and expedite crediting of contributions.
• Personal Pension Plan Voluntary individual pension plan enabling personal retirement savings outside of employer-sponsored schemes, held under the same custodial framework as employer contributions.

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, secondary and minor.

• RemitacoreTechnology or IntegrationPayment Solution Service Provider enabling employers to electronically remit pension contributions through Remita platform.
• NIBSS EPCCOScoreTechnology or IntegrationNational Inter-Bank Settlement System Electronic Pension Fund Contributors Online System for contribution remittance processing.
• InterswitchsecondaryTechnology or IntegrationPSSP partner providing electronic pension remittance services through Interswitch platform.
• AwabahsecondaryTechnology or IntegrationPSSP partner for pension remittance services.
• National Pension Commission (PenCom)coreOthersPrimary regulatory body overseeing pension operations in Nigeria. FPCNL is licensed by PenCom to operate as a Pension Fund Custodian under the Pension Reform Act 2014.
• FBNQuest CompaniessecondaryStrategic or Co-development PartnerAffiliated companies within FBN Holdings including FBNQuest Capital, FBNQuest Trustees, FBNQuest Fund, FBNQuest Merchant Bank, FBNQuest Asset Management, and FBNQuest Securities.
• ARISE FoundationminorStrategic or Co-development PartnerCSR partner for social impact activities including the ARISE WALK FOR LIFE 2022 event. ARISE Foundation supports the needy through charity activities focusing on UN sustainable development goals.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Alexander Forbes: African retirement, investment, and health consultancy headquartered in South Africa. Comparable as a regional specialist in pension fund administration and retirement benefits across African markets.
• Old Mutual Investment Group: South African-headquartered pan-African life insurance, pensions, and investment manager. Comparable as a major African pension and asset management franchise with similar retirement product offerings, although operating across multiple African markets rather than solely Nigeria.

Broad incumbents

• BNY Mellon: Global custody and asset servicing giant with presence in Africa. Comparable as a broad incumbent offering global custody, trade settlement, and corporate actions services — the same product categories FPCNL delivers, but at global scale across multiple asset classes and geographies.
• Northern Trust: Global custody and asset servicing provider. Comparable as an incumbent offering institutional custody, settlement, and asset servicing, providing a benchmark for international custody operating models applicable to Nigerian pension AUA.

Direct peers

• Premium Pension: Nigerian PFA and existing FPCNL customer. Comparable as a mid-to-large PFA operating under PenCom regulation with overlapping institutional client base.
• Stanbic IBTC Pension Managers: One of the largest Nigerian Pension Fund Administrators and a customer of FPCNL. Highly comparable in pension industry focus, regulatory environment, and customer base (Nigerian employees and retirees), making it the most representative comparable for pension AUA flows.
• UBA Pensions Custodian: Pension fund custody subsidiary of United Bank for Africa Plc, operating as a PenCom-licensed PFC competing directly with FPCNL for PFA mandates. Highly comparable in regulated custody scope, target customers (Nigerian PFAs), and parent-bank distribution leverage.
• Zenith Pensions Custodian: Pension fund custody subsidiary of Zenith Bank Plc, one of the other major PenCom-licensed PFCs. Direct competitor in safekeeping, trade settlement, and contribution collection for Nigerian PFAs, with similar parent-bank-driven distribution.
• Leadway Pensure: Leading Nigerian PFA, part of the Leadway Group, and existing FPCNL customer. Comparable as a major pension industry player in Nigeria with similar regulatory and customer dynamics.
• ARM Pensions (Access ARM Pensions): Major Nigerian PFA and existing FPCNL customer, offering pension fund administration and retirement savings account services. Comparable in pension industry vertical, regulatory regime, and enterprise customer segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-pension-custodian-nigeria-ltd-

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Pension Custodian