“The ECRS is an electronic platform for the submission of requests by Pension Fund Administrators for the registration of contributors and issuance of Personal Identification Numbers.” Nigeria
The current registration system at the National Pension Commission is limiting its potential. Of course, with the new initiatives aimed at enhancing the contributory scheme, there is a need for efficiency. Besides, some Nigerians resident abroad have expressed a desire to become part of the scheme, but the enabling technology has remained a barrier. If the contributory scheme would make a new significant leap, then technology must be “consulted”.
PenCom said the ECRS was designed, developed and deployed to provide a more dynamic and friendly user interface, even as it fully addresses the issues identified with the CRS. Thus, the deployment of the ECRS will greatly enhance the integrity of contributors’ data and provide a platform for registration of Micro Pension Plan and cross-border participants- Nigerians living abroad and foreigners living in Nigeria.
The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar, said the commission introduced the ECRS because it has seen the tremendous positive impact, which technology can make on the pension industry.
In addition to download responses, latest upgrades, patches, employer codes generation, the system also has the capacity for National ID verification with NIMC.On June 24, 2019, after PenCom assessed the environmental readiness of PFAs and pilot run for the PFAs to use ECRS, it was inaugurated. This new development is significant for the pension industry as it may pave the way for the implementation of other critical policies hitherto prevented by poor contributors’ data.
Indeed, poor contributors’ data integrity has been a major hindrance to the opening of the transfer window. There are concerns among pension managers and operators that until existing data of contributors are properly refined and deemed reliable, there will be cases of identity theft and large-scale frauds.
These latest innovations, ECRS and integration of BVN and NIN with RSAs, maybe a golden opportunity for PFAs to clean up their databases to combat identity theft as well as prevent fraud in the pension industry.
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