‘Data recapturing to protect workers’ contributions against fruads’
The ongoing data recapturing of pension contributors and retirees by Pension Fund Administrators (PFAs) nationwide is meant to protect clients against cybercrime and other frauds.
The Managing Director, IEI-Anchor Pension Managers Limited, Glory Etaduovie, in a paper titled: “National Data Base Harmonisation and Pension Data Recapture”, made available to The Guardian, stated that since last year, the National Pension Commission (PenCom) has been upbeat about data recapture of PFAs’ existing clients and streamline future contributors’ registration in a move to have an accurate database.
He stressed the need for national ICT database, noting that information, like communication, is the lifeblood of a nation.
Stating that the massive pension fund accumulation and its fast pace of growth have drawn more attention than may be necessary, he added that, since pension fund is now a veritable source of funding and development in the country, other individuals with evil intents are exploring how to penetrate the fund structure, hence, Cybersecurity must then be enhanced.
The pension project of data clean up and harmonisation with the national database, he said, is the way to go as it is in tandem with modern ICT trends to synchronize databases for national groups.
He said the banks’ BVN registration exercise has improved the tracking of individuals financial history and activities as well enhancing transparency and reducing financial manipulations, fraud, and corruption,” he noted that the ongoing exercise will get pension operators prepared for more international best business practices, standardisation and acceptability globally.
To him, “the world is now very dynamic and fast-paced in financial technologies. It is easy to be left behind too quickly. Playing Catch up can be quite expensive in time and value.
“So, when many have questioned reasons for the high drive of the Pension Regulator and the industry at large, they only need to review activities surrounding globally. ICT has made operating in isolation near impossible. Globalisation has taken over.”
According to him, some clients were afraid to give more personal details as requested by PFAs but noted that this information is, however, inevitable as long as they are released to the right recipients upon verifying the true identity of those requesting.
“Often BVN and NIN numbers have been requested alongside ten fingerprints. Until recently, resistance was very tight.
This was likely due to the newness of the scheme, the lack of enough awareness and sensitization.
More so, this was money matters and their future savings for retirement,” he noted.