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Published On: Thu, Jan 4th, 2018

PenCom to drive micro pension via ICT

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From Ngozi Onyeakusi, Lagos

The National Pension Commission (PenCom) said it is set to expand micro pension through the use of modern technology.
To achieve the feat, the commission said it has resolved to introduce the informal sector to the Contributory Pension Scheme (CPS) come 2018.
PenCom also said its special department saddled with the responsibility was planning to drive the initiative with technology using mobile phone applications.
“Special mobile phone applications had been successfully implemented in some jurisdictions for financial transactions, including provision of pension services to the self-employed and informal sector workers,” PenCom stated.
The commission has segmented the informal sector into three categories of low income earners, high income earners and the small/medium enterprises.
It said it would design appropriate pension products and enlighten people in the segments on the essence of the scheme.
The commission said it was ensuring a robust technological platform that would support the provision of customer services to effectively and efficiently register, collect contributions, provide Retirement Savings Account support, pay benefits and provide financial advisory services to the contributors.
PenCom stated that it had already commenced the sensitisation of service providers and relevant regulators as well as the targeted workers in the informal sector with a view to creating the enabling environment.
“As this category of workers constitute the larger percentage of the working population in the country, there is no doubt that to achieve the pension industry’s strategic objective of covering 30 per cent of the working population in Nigeria under the CPS by the end of 2024, all efforts should be made to extend coverage to this important segment of the Nigerian economy,” the commission stated.

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