PenCentral
PenCentral is a Lagos-based pension remittance gateway that connects Nigerian employers to 12+ Pension Fund Administrators and Custodians through a single self-service platform, serving corporates, HR outsourcers, FinTechs, and self-employed individuals via electronic schedule and payment automation.
- Company typePrivate
- Founded2020
- HeadquartersLagos, Nigeria
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What PenCentral does
PenCentral is a Nigerian pension remittance gateway platform founded in 2020 and operated by Chams Access Limited, headquartered in Lagos. The company builds infrastructure that lets employers submit pension schedules and payments electronically to Nigeria's network of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) through a single interface, replacing the legacy process of preparing multiple Excel schedules and visiting multiple banks per pay cycle. Its product surface spans four offerings: a corporate self-service portal (For Corporates), an HR-outsourcing module (For HRs), a white-label Developer API aimed at FinTechs, payrolls, banks and switches (For Developers, currently listed as 'coming soon'), and a Micro Pension Plan portal for self-employed individuals and artisans. Core technical capabilities include RSA and PENCOM employer-code validation, end-to-end encryption, multiple payment gateway integrations, automated schedule reuse, and one-click statutory compliance report generation for PenCom. The platform is integrated with 12+ major Nigerian PFAs, including Access ARM, Cardinalstone, Citizens Pensions, CrusaderSterling, FCMB Pensions, Fidelity, Guaranty Trust, Leadway Pensure, NUPEMCO, NLPC, Norrenberger, and NPF Pensions, and delivers reconciled schedules and payments through PFCs with a stated 48-hour RSA crediting SLA.
PenCentral's business model is currently free to end users, per an agreement with the National Pension Commission (PenCom) — no subscription fees, transaction charges, or pricing tiers are publicly disclosed, and the platform operates without any disclosed external funding rounds. Its go-to-market is product-led growth via direct self-service sign-up for corporates and an OEM/embedded motion through the developer API. Public customer references include the FinTech Opay as an enterprise account, alongside smaller professional-services users such as Femi Atoyebi & Co, Arcfye, and HR Leverage. The company employs between 11 and 50 people and positions itself as 'Infrastructure for Africa' from Lagos, although it currently serves only the Nigerian market.
PenCentral firmographics
Firmographics- Name
- PenCentral
- Legal name
- Chams Access Limited
- Website
- https://pencentral.ng
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- PenCentral is a Lagos-based pension remittance gateway that connects Nigerian employers to 12+ Pension Fund Administrators and Custodians through a single self-service platform, serving corporates, HR outsourcers, FinTechs, and self-employed individuals via electronic schedule and payment automation.
- Ownership category
- akta.pro rank
PenCentral industry classification
Industry- Product category
- Pension Remittance Software
- NAICS
- Payroll Services (541214), Pension Funds (525110), Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121), Professional Employer Organizations (561330)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Contractor / Freelancer Payments (FSAMAKAC)
- akta.pro secondary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
Keywords
Where PenCentral is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
PenCentral business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Platform Usage: Platform is currently free to use in accordance with agreement with PenCom. No hidden charges. Future monetization model not specified.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free platform access |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
PenCentral product offering
Product offeringCore offering
PenCentral operates a centralized pension remittance gateway that enables Nigerian employers to electronically submit pension schedules and make payments to multiple Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) through a single platform. The service eliminates the need for multiple Excel schedules, multiple bank visits, and manual reconciliation, automating statutory compliance with PenCom. It also offers a dedicated solution for HR outsourcing organizations, a developer API for FinTechs and payroll providers, and a Micro Pension Plan portal for self-employed individuals.
Product overview
PenCentral is a unified pension remittance gateway platform that consolidates pension schedule submission and payment processing for Nigerian employers. The core platform consists of four integrated offerings: (1) For Corporates - the main employer-facing portal for pension remittance to all PFAs through a single interface; (2) For HRs - a solution for HR outsourcing organizations managing multiple corporate clients; (3) For Developers - an API product enabling FinTechs, payroll providers, banks and switches to embed pension remittance capabilities; and (4) Micro Pension Plan - a voluntary savings product for self-employed individuals. The platform acts as an electronic switch connecting employers, Pension Fund Custodians (PFCs), and Pension Fund Administrators (PFAs), eliminating manual spreadsheet preparation and multiple bank visits.
Differentiator
Problem solved
Functional benefit
Products and services
- For Corporates Dedicated pension remittance gateway for corporate employers, enabling electronic submission of pension schedules and payments to Pension Fund Administrators and Pension Fund Custodians with automated reconciliation. Self-service sign-up requires a PENCOM employer code.
- For HRs Dedicated pension remittance solution for HR outsourcing organisations that manage pension remittances for multiple companies as part of their outsourcing services.
- For Developers (Pension Remittance API) Pension Remittance API solution for FinTechs, Payroll Providers, Banks, VAS and Switches, enabling white-labeled platform integration with same-day delivery to PFAs and priority support.
- Micro Pension Plan Pension remittance gateway for artisans, freelancers, and self-employed individuals, allowing flexible contributions (daily, weekly, monthly) with ability to access contingent portion of RSA balance before retirement under Micro Pension Plan guidelines.
Quantifiable outcome
- Pension remittance lifecycle reduced from days or months to seconds
- +3 more outcomes
Companies that use PenCentral
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
PenCentral technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature8 records
PenCentral partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core.
- Access ARM Pension ManagerscorePension Fund Administrator connected to PenCentral platform. Employers can remit pension contributions to Access ARM through the centralized gateway.
- Cardinalstone PensioncorePension Fund Administrator integrated with PenCentral for seamless pension remittance delivery.
- Citizens PensionscorePension Fund Administrator connected via PenCentral platform for employer pension contributions.
- CrusaderSterling PensionscorePension Fund Administrator integrated with PenCentral for pension remittance processing.
- FCMB PensionscorePension Fund Administrator connected to PenCentral for employer pension remittance.
- Fidelity Pension ManagerscorePension Fund Administrator integrated with PenCentral platform.
- Guaranty Trust Pension ManagerscorePension Fund Administrator connected via PenCentral gateway.
- Leadway Pensure PFAcorePension Fund Administrator integrated with PenCentral for pension remittance.
- NUPEMCOcorePension Fund Administrator connected to PenCentral platform.
- NLPC PFAcorePension Fund Administrator integrated with PenCentral for employer contributions.
- Norrenberger PensionscorePension Fund Administrator connected via PenCentral gateway.
- NPF Pensions LimitedcorePension Fund Administrator integrated with PenCentral platform.
- Pension Fund Custodians (PFCs)coreLegal entities permitted by law to take delivery of pension schedules and payments before passing to respective PFAs. PenCentral electronically delivers schedules and payments through direct integration with PFCs.
- Chams Access LimitedcoreParent company of PenCentral.ng platform. PenCentral is a product of Chams Access Limited, which provides the PenCentral.ng services.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
PenCentral competitors and assessment
Company assessmentDirect peers
- Mono: Nigerian open-banking and financial-data API used by fintechs and banks to access account data and initiate payments; comparable developer/API distribution model to PenCentral's For Developers product.
- Remita: Nigerian payment and payroll infrastructure operated by SystemSpecs that processes bulk payments, salaries and statutory deductions (including pension contributions), making it the closest functional analogue to PenCentral's remittance-switch proposition.
- Cowrywise: Nigerian fintech offering savings and investment products including pension-adjacent retail instruments; comparable in addressing pension/savings needs for Nigerian individuals and SMEs via a digital-first model.
- Okra: Nigerian open-banking API providing financial-data connectivity and payment initiation; competes for the same developer/embedded-finance audience as PenCentral's API offering.
- JetPay Africa: Nigerian payroll and HR-tech platform handling salary payments and statutory remittances for employers; competes for the same HR/finance buyer persona that PenCentral targets for pension remittance.
Broad incumbents
- Paystack: Stripe-owned Nigerian payment processor providing broad payment infrastructure for businesses; an incumbent that dwarfs PenCentral in scale and offers overlapping payment capabilities but does not specialise in pension remittance.
- Flutterwave: Pan-African payments platform with broad merchant and payout capabilities; comparable as African payment infrastructure but at much larger scale and broader scope than PenCentral's pension-specific focus.
Emerging players
- Piggyvest: Nigerian consumer savings platform targeting disciplined and informal-sector savers; comparable user base and informal-sector orientation to PenCentral's Micro Pension Plan offering.
- Carbon (formerly Paylater): Nigerian digital finance platform offering credit, savings and bill-payment services to consumers and SMEs; adjacent fintech serving overlapping Nigerian SMB/individual customers that PenCentral also targets via Micro Pension.
Others
- Stanbic IBTC Pensions: One of Nigeria's largest Pension Fund Administrators currently integrated with PenCentral; relevant as a major PFA counterparty that could in principle develop or sponsor competing remittance infrastructure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
PenCentral social profiles
Digital presencePenCentral financial estimates
Financial estimateRevenue estimate
Valuation estimate
PenCentral leadership team
Management profileNumber of profiles
PenCentral funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PenCentral M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PenCentral
What does PenCentral do?
PenCentral operates a centralized pension remittance gateway that enables Nigerian employers to electronically submit pension schedules and make payments to multiple Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) through a single platform. The service eliminates the need for multiple Excel schedules, multiple bank visits, and manual reconciliation, automating statutory compliance with PenCom. It also offers a dedicated solution for HR outsourcing organizations, a developer API for FinTechs and payroll providers, and a Micro Pension Plan portal for self-employed individuals.
Is PenCentral a public or private company?
PenCentral is a private company. It is classified as corporate owned and is currently operating.
When was PenCentral founded?
PenCentral was founded in 2020. It employs 1 to 10 people.
Where is PenCentral based?
PenCentral is headquartered in Lagos, Nigeria, in the Africa region.
How does PenCentral make money?
One revenue line is on record: platform Usage.
Who are PenCentral's main competitors?
Direct peers on record are Mono, Remita, Cowrywise, Okra and JetPay Africa. Broad incumbents are Paystack and Flutterwave. Emerging players are Piggyvest and Carbon (formerly Paylater). Stanbic IBTC Pensions is listed as an others.
Does PenCentral have an API?
Yes. Pension Remittance API Solution for FinTechs, Payroll Providers, Banks, VAS and Switches. The API enables automated and secure employee pension contribution management in Nigeria. Features include: white-labeled platform, easy integration, same-day delivery to PFAs with narrated schedules, and priority support. Currently listed as 'Coming soon' on the developer page.
What industry is PenCentral in?
PenCentral's product category is Pension Remittance Software. Its primary akta.pro industry code is FSAMAKAC, Contractor / Freelancer Payments, with a secondary code of FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P). Its NAICS code is 541214 and its SIC code is 6199.