Pension Fund Operators Association of Nigeria (PenOp) has partnered the Nigeria Inter-Bank Settlement System plc (NIBSS) to launch the Electronic Pension Contributory Collection System (EPCCOS).
EPCCOS primarily ensures that each pension contribution remittance made by an employer into respective PFA account with PFCs is accompanied by corresponding electronic schedule.
The system is also a contributory collection system that tracks monthly employees pension remittance schedule produced by employers for pension fund administrators and record matching payments to the custodian accounts of the employees’ PFAs uniquely.
Speaking during the launch of EPCCOS, Ade Shonubi, managing director, NIBSS, says PenOp and NIBSS are making it easier for people to have their contributory pension fund easily paid because part of the problems today is that employers have to come out with a schedule and then pay, and sometimes the information does not get sent on time.
“We have collaborated with PenOp to come up with a system that automates the process so that both the schedule and the payment can be tied together. It is targeted at employers of labour to be able to make pension payment easier,” he said.
Misbahu Yola, chairman of PenOp, who was represented by Usman Suleiman, a member of the Board of Trustee, says the launch is something both organisations have been working on for a while because they realised that for the process to be seamless, technology is needed.
According to him, “this will make it very convenient for employers to be able to remit with proper schedules so that the accounts of the beneficiaries will immediately be credited.”
Suleiman says that PenOp has been having challenges with getting schedules since the system commenced but realised that with application of technology they can overcome these problems, saying that is why both companies have partnered to develop a portal that will enable employers easily make payments and transmit the schedules.
“With this system, we believe that once all the major employers in the country can get unto it, we will not have the problem of remittance without schedule or contributions been remitted without been credited to the relevant accounts,” he assures.
He further says that PenOp will provide enough publicity and education to the employers to educate them about the portal and how to use it since it is user friendly, saying over the years, compliance has been a problem but operators under the banner of PenOp have been doing a lot in terms of publicity and over the years compliance level have been improving.
Niyi Ajao, executive director, technology and operations, says the system is built based on requirements from PenOp, and is running on a better platform network put in place for a better savings industry in Nigeria.
He assures that the system is very secure, well tested and robust, adding that it is designed in such a way that employers can easily log in to the system, upload schedule and make payment on the same platform at the same time.
HOPE MOSES-ASHIKE and IFEOMA OKEKE
