eTranzact, a provider of innovative financial technology solutions, has announced its role as the technology solution provider for the military pensions board’s new digital verification system.
The system was officially launched on July 1, 2024. According to a statement, the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.
“With Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact. This transition aims to minimize travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners,” the statement said.
Niyi Toluwalope, CEO of eTranzact, said, “We are honoured to collaborate with the Military Pensions Board on this transformative project. At eTranzact, we are committed to harnessing the power of technology to solve critical challenges and improve the quality of life of Nigerians.
“This digital verification system affirms our dedication to innovation and excellence,” he said.
Paul Irumheson, chairman of the Military Pensions Board, emphasised the necessity of this transition, stating that the move to electronic verification is crucial for the safety and convenience of military pensioners.
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“This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks,” he stated.
“The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies. The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.”
eTranzact stated that the key benefits of the digital verification system will include enhanced security by reducing the risk of identity fraud and impersonation and convenience by allowing pensioners to complete verification from their homes.
Others are cost efficiency by eliminating the need for travel and accessibility by accommodating pensioners residing both within and outside Nigeria.
