Stakeholders have highlighted how automation is transforming Nigeria’s contributory pension scheme, eliminating long-standing payment bottlenecks, improving transparency and accelerating retirees’ access to their benefits.
The experts disclosed this at the 15th Annual Stakeholders’ Forum hosted by CrusaderSterling Pensions in Lagos, where regulators, pension operators and corporate stakeholders examined how technology is reshaping pension administration under the theme, “Pensions for All: Driving Inclusion and Innovation for Quality Retirement.”
One of the biggest improvements identified at the forum is the elimination of “hanging remittances”—a persistent challenge that previously left pension contributions trapped in suspense accounts because of incomplete contributor information.
Funmilola Oluwajoba, executive director of operations at CrusaderSterling Pensions, explained how technology has addressed the problem.
“Before the introduction of Pension Payment Solution Service Provider software, employers would make remittances but send schedules with incomplete information. Consequently, we were unable to credit those monies into the accounts of the relevant stakeholders. If an employer paid for 15 people but 10 did not have a PIN, the money for those 10 individuals would hang.”
