" ITREALMS: Remita e-Pension roundtable attracts high participation

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Wednesday, June 30, 2010

Remita e-Pension roundtable attracts high participation

Over 70 senior pension industry executives at the weekend, participated at a roundtable conference organised by Remita e-Pension solution.

These participants were drawn from 25 Pension Fund Administrators and Custodians who met to discuss and share experiences on e-Pension and e-Payment at a Remita workshop in Lagos.

According the Head, Brand & Marketing, Mr. Moses Braimah the strategic workshop tagged ‘Remita e-Payment and e-Pension’ was organized by SystemSpecs for pension industry stakeholders to discuss among other things, the implications of the Central Bank of Nigeria Payment System Vision 202020 mandate on e-Payment as it relates to pension contribution remittances and retirees pension processing and payment.

In his speech, the Managing Director, SystemSpecs, Mr. John Obaro, was quoted in a press statement made available to ITRealms Online as reiterating the need for all stakeholders to continue to work together to achieve operational efficiency, optimize internal operations and empower employer organizations to meet e-Payment regulatory requirements while remitting her employees’ pension contributions.

Obaro noted that a true e-Payment solution should enable a user to view consolidated bank balances across multiple banks on a single screen, end-to-end processing of all payments electronically, conduct multi-bank activity from just one place, and replicate an existing payment workflow.

He also said that Remita e-Pension provides additional capability for an employer to remit its employee pension contribution with appropriate schedules delivered to applicable Pension Administrators and Custodians electronically.

Group Head, Corporate Strategy at SystemSpecs, Dr. Hakeem Bakare, said Remita e-Pension solution has the capability to deliver funds to the account of Pensions Administrators and matching schedule to relevant parties electronically.

“This will eliminate a major challenge confronting the pension industry in Nigeria,” he said.

Equally, some of the participants who spoke at the event applauded Systemspecs for the roundtable.

Head, Contributions at UBA Pension Fund Custodians, Mr. Dotun Adebayo, described it as “very good initiative, successful implementation will address core problems in the pension industry.”

For the Senior Manager, First Guarantee Pensions Limited, Mrs. Joan Mbachu, “The workshop was a good medium for introducing Remita e-Pension and it afforded me the opportunity to understand the process from A-Z.”

Remita e-Pension is an electronic courier service that rides on secured e-payment platforms to deliver funds to bank accounts and associated schedules to PFAs/ PFCs and other relevant parties at the click of a button.

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