An innovative financial technology solutions company, eTranzact, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.
In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.
It also stated that, with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact.
“This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners.”
According to the statement, the Chairman of the Pension Board, Air Vice Marshal Paul Irumheson, said the necessity of this transition 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.
“The Minister of State for Defence, Dr Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognising its potential to revolutionise the military pensions system.”
The statement further explained that 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.
On his part, the Chief Executive Officer of e Tranzact, Niyi Toluwalope, expressed enthusiasm concerning the partnership for digitalized pension processes.
“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 for Nigerians. This digital verification system affirms our dedication to innovation and excellence,” the statement reaffirmed.
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