Prominent supplier of cutting-edge financial technology solutions, eTranzact, as propagated by the Telecom and IT news, has declared that it would supply the technology for the new digital verification system for military pensions being introduced by the Military Pensions Board on July 1, 2024.
The project, according to a press release from the corporation, is a major step towards using technology to improve the welfare of military retirees in Nigeria and expedite pension verification procedures.
Continuing, it said that the Military Pensions Board is moving from conventional physical verification techniques to a cutting-edge electronic system created and implemented by eTranzact, with clearance from the federal government.
The statement holds: “This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners. Air Vice Marshal 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. 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.
“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.
“Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognizing its potential to revolutionise the military pensions system. The key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria,’’ it added.
The CEO of eTranzact, Niyi Toluwalope, expressed his excitement about the collaboration by adding: “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.”
