The Pension remittance space in Nigeria is filled with so much great promise, but still faced with inefficiencies particularly in funds reconciliation and delivery to PFAs. For some organizations, pension remittance is a task that is usually dreaded, particularly the continuous monthly cycle of signing multiple payment cheques, processing multiple schedules, and visiting multiple banks to submit each schedule. Ultimately, the manual efforts being done most times lead to funds not hitting Pension Fund Administrators (PFAs) till days and weeks, even months.
Indeed, the pension industry deserves a remittance solution that eases and solves problems around pension schedule preparation, remittance and funds reconciliation.
In a bid to bringing efficiencies to this space, Pensioncentral.ng was launched, with a promise of enabling organizations remit pension funds easily and securely, with few clicks, guaranteeing same-day delivery of funds to all PFAs and eliminating all reconciliation issues.
Organizations can sign up for a free employer account in seconds by inputting just their PenCom code which is then validated to be true, after which they enter their email addresses, reset their default password and they begin to remit! Existing solutions don’t provide a sign-up process as seamless as this, with companies still having to complete some paper and leg work, going to a bank, then having to wait some days before signup process can be completed.
According to the Chief Product Officer, Tomiwa ADEBAYO:
“The pension industry has long been faced with the problem of funds reconciliation, which is majorly due to the existing remittance framework and wrongly narrated payments, causing delay or making funds not hit the right RSA account.
Pensioncentral.ng is here to eliminate all of these reconciliation issues and the operational overhead associated with monthly pension remittance for employers.
We basically want employers and corporate organization to focus on the core of their businesses and allow Pensioncentral.ng take care of their pension remittance processes.”
Every year, organizations are expected to get their PenCom Compliance certificate, a report that attests that those organizations successfully remitted pension for the year. That process is currently filled with lots of manual processing for most organizations who have to compile pension schedules and payment receipts for every pension schedule processed all through the year, then compile for processing. However, those processes have been completely eliminated, all schedules and receipts are accessible in one place, no need for manual efforts, no need for multiple paperwork.
All with few clicks, Pensioncentral.ng enables organizations to process their compliance reports for the year seamlessly.
Indeed, ease and efficiency are the major promises on which Pensioncentral.ng was built.
Some of the Key Benefits are:
- Pandemic Compliant (e.g Covid-19): Pension remittance through your computer from the comfort of your office/home eliminates any form of exposure to any virus.
- Instant Delivery of Schedule & Payment: By integration, all pension schedules and payments are delivered to PFCs, shortening the remittance cycle of pension from days to seconds.
- Operational Overhead Reduction: No more preparation of multiple physical schedules, signing of cheques, and physical delivery to the banks. Schedule and payments are purely electronic.
- Payroll Integration: flexibility of integrating with Payroll systems so that all pension items for all employees are extracted and remitted to PFAs on the fly
Since launching in October 2020, Pensioncentral.ng has helped over 500 employers to seamlessly fulfill their monthly pension remittance obligation till date with an impressive return rate of close to 90% of signed up organizations month on month.