The National Pension Commission (PenCom) says it is leveraging technology to ensure better compliance and efficiency in the pension sector.
Omolola Oloworaran, the director-general of PenCom, who stated this, said technology has become the backbone of transformation across all sectors, and the pension industry was no exception.
Oloworaran made the remark at the 2024 PenCom Media Conference held in Lagos with the theme: “Tech-driven transformation: Shaping the pension landscape.”
She said: “As we integrate technology across every aspect of the pension industry, ranging from data and identity management to seamless contributions, investment oversight, regulatory supervision, and service delivery, we are paving the way for a future where the Contributory Pension Scheme (CPS) becomes more accessible, reliable, and sustainable.”
The DG said that PenCom has embraced this transformation wholeheartedly, having recorded over 10.5 million contributors and pension assets in excess of N21.9 trillion in September.
“This progress demonstrates the strength of our contributory pension system, but we are not without challenges.”
He noted, however, that inflation has continued to erode the purchasing power of pensioners, adding that the commission was actively seeking innovative solutions to address it.
“Since assuming office, my team and I have been focused on strengthening compliance, enhancing service delivery, diversifying pension assets to optimise returns, improving benefits, and expanding coverage to include more Nigerians, especially those in the informal sector”, she noted.
Oloworaran said that PenCom under her leadership was passionate about the micro-pension initiative. “It is our way of saying that no one should be left behind, no matter how small their earnings might be,” adding that technology plays a vital role in driving this inclusion – from mobile enrolment to real-time account management and benefits payment.
“We intend to use technology to scale the micro-pension plan, the DG said.
“This year, we achieved a major milestone with the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October. This initiative replaces the previous manual process, enabling companies to seamlessly apply for and receive PCCs online. Since its deployment, we have issued over 38,000 PCCs, significantly enhancing ease of doing business and ensuring compliance.”
“Additionally, the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitise pension contributions and remittances, ensuring seamless processing of contributions and resolving discrepancies caused by incomplete remittance details.”
“To further enhance contributors’ experiences, we have introduced a revised programme withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric.”
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