Caption: General Christopher Musa, Chief of Defence Staff, flanked by (from left) Mr Niyi Toluwalope, MD/CEO of eTranzact PLC, and Air Vice Marshal Paul Irumheson, Chairman, Military Pensions Board.
LAGOS, NIGERIA – eTranzact, a leading provider of innovative financial technology solutions, announced that it is the technology solution provider for a new digital verification system for military pensioners by the Military Pensions Board, which was officially launched on July 1, 2024. This is a key milestone in leveraging technology toward transforming pension verification and changing the lives of military retirees across Nigeria.
On the nod of the Federal Government, theMilitary Pensions Board is phasing off traditional methods of physical verification and adopting in its stead advanced electronic system designed and deployed for it by eTranzact with the view to reducing risks associated with travel, cutting down huge expenses incurred in transportation and considering the advanced age of many pensioners. According to the Chairman, Military Pensions Board, Air Vice Marshal Paul Irumheson, the need for this change was so critical because the movement to electronic verification was going to ensure comfort and safety for military pensioners. Through this innovation, retirees shall, from any part of the world, assent to their status without necessarily moving, thereby saving so much energy invested in traveling and the risks involved. The pilot exercise conducted between February 15 to March 1, 2024, revealed the new system to be efficient and reliable. Other than developing this verification system, eTranzact has been managing salary payments for other government agencies. This electronic verification system will be of immense importance and a critical step toward ensuring faultlessness and ease of payment by the Military Pensions Board.
This electronic verification became blocbstered with the Minister of State for Defence, the Honourable Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, personally throwing their weights to support it, as this would reshape the military pension system.
Key among these benefits are improved security-reducing the risks of identity fraud and impersonation, convenience-pensioners can do the verification from the comfort of their homes, cost effectiveness-no travel costs are incurred, access, as pensioners both within and outside Nigeria shall be catered for. Niyi Toluwalope, eTranzact CEO, said he is elated by the development. According to him, “We feel very highly honoured to have the opportunity of partnering with the Military Pensions Board on this project of such huge dimension. We at eTranzact take the challenge to deploy the power of technology in solving critical challenges and positively transforming the lives of Nigerians. This digital verification system further shows our commitment to innovating for excellence.”. eTranzact is the leading proprietor of modern and facile payment solutions and technology services in the financial technology space. With a leading vision of excellence and customer satisfaction, eTranzact continues to better its efforts at fashioning leading-edge solutions to surmount everyday challenges and propelling economic progress.