Afolabi Kilaso, chief executive officer of West Digital CEO, has called on the Federal and State Governments to migrate to a more effective payment management system platform that can save the nation billions of naira in pension liabilities.
According to him, using platforms like Penacle-ePMS, an electronic payment management system will transform the operations of pension offices in Ministries, Departments, and Agencies by addressing challenges faced by the government in managing resources and paying pensioners.
Kilaso said its advanced features and automation capabilities, Penacle-ePMS aims to streamline the pension process, save the state government huge liabilities and ensure prompt payment of pensions to pensioners.
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Sharing his thoughts recently on how the incoming administration can curb the menace in financial planning, make informed budgetary decisions and allocate funds effectively, Kilaso said it is important to deploy cost-saving solutions for the government.
Listing some of the benefits of Penacle-ePMS, he said, the platform is integrated with an instant payment system, adding that this feature ensures that pensioners receive their payments instantly once the government approves the pension funds.
“By leveraging this seamless payment system, the government can enhance efficiency and eliminate delays in disbursing pension funds,” he said.
He highlighted the benefits to include generating various reports, tracking payment patterns, and verifying pensioners’ documents.
“We believe that proper implementation can put an end to pensioners’ suffering and pave the way for efficient and transparent pension administration at all levels of government.
“With the Fingerprint Identification System to verify the identity of pensioners and our software-as-a-service (SaaS) product, eliminating the need for heavy infrastructure investment can be resolved. West Digital takes care of the infrastructure, platform, and software, allowing the government to focus on core pension administration”, he added.