PenCom Blacklists Seven Mortgage Banks from RSA Housing Scheme

The National Pension Commission (PenCom) has blacklisted seven Primary Mortgage Banks (PMIs) from the Retirement Savings Account (RSA) Mortgage Scheme, halting their participation with immediate effect.

In a letter dated July 31, 2025, and addressed to Pension Fund Administrators (PFAs), Closed Pension Fund Administrators, and Pension Fund Custodians, PenCom ordered an immediate stop to the acceptance or processing of equity contribution applications involving the affected banks.

The blacklisted institutions are: Jigawa Savings & Loans Limited, FHA Mortgage Bank Limited, Delta Trust Mortgage Bank Limited, AG Mortgage Bank Limited, Infinity Trust Mortgage Bank Plc, First Trust Mortgage Bank Limited, and Mutual Alliance Mortgage Bank Limited.

PenCom advised RSA holders who have applied through these banks to resubmit their applications to eligible mortgage institutions. Those who have made upfront payments were urged to contact the blacklisted PMIs directly for further guidance.

The commission said the action was part of its mandate to protect pension funds and maintain strict compliance within the RSA Mortgage Scheme.