eTranzact, a renowned financial startup, has partnered with the Military Pensions Board to establish a digital verification system for military retirees, according to The PUNCH.
According to the firm’s statement, the Federal Government-approved technology intends to improve the welfare of military retirees by expediting pension verification processes.
The digital solution, unveiled on July 1, 2024, replaced old physical verification procedures, cutting retirees’ travel hazards and transportation costs, according to the fintech firm.
The Chairman of the Military Pensions Board, Air Vice Marshal Paul Irumheson emphasized the significance of the change, citing the safety and simplicity of electronic verification.
“With this innovative solution, military retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.
“This milestone marks a significant step in leveraging technology to improve the lives of military retirees in Nigeria,” the operator noted.
The company disclosed that the successful pilot exercise, which took place between February 15 and March 1, 2024, demonstrated the new system’s efficiency and reliability.
In addition to creating the verification system, eTranzact said that it handled 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 firm added.
According to the firm, the Minister of State for Defense, Dr. Bello Matawalle, and the Chief of Defense Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognising its potential to revolutionise the military pensions system.
According to fintech, the key benefits of the digital verification system include increased security by lowering the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from the comfort of their own homes, cost savings by eliminating the need for travel, and accessibility by accommodating pensioners from both within and outside Nigeria.
The Chief Executive Officer of eTranzact, Niyi Toluwalope, expressed enthusiasm about the partnership, saying, “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 of Nigerians. This digital verification system affirms our dedication to innovation and excellence.”
eTranzact is a major financial technology firm that offers innovative payment solutions and technological services.
