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eTranzact, a leading fintech company, has launched a digital verification system for military pensioners in partnership with the Military Pensions Board.
According to the firm in a statement, the system, approved by the Federal Government, aims to enhance the welfare of military retirees by streamlining pension verification processes.
The digital system, launched on July 1, 2024, replaced traditional physical verification methods, reducing travel risks and transportation costs for pensioners, the fintech operator said.
The Chairman of the Military Pensions Board, Air Vice Marshal Paul Irumheson, underscored the importance of the transition, emphasising the safety and convenience 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 revealed that 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 disclosed that it had 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 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.
The key benefits of the digital verification system, according to fintech, 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.
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 leading financial technology company providing innovative payment solutions and technology services.
