A Presentation on Electronic Pension Contribution Collection System (EPCCOS)

From left: Chairman Subcommittee on EPCCOS and Managing Director/Chief Executive Officer, UBA Pension Fund Custodian, Bayo Yusuf;  PenOp Executive Secretary, Susan Oranye; Head Manager Business Process Outsourcing/ Portal Management Nigerian Inter- Bank Settlement System (NIBSS), Samuel Oluyemi and Portal Manager NIBSS, Prosper Ofualagba, at the ongoing two- day retreat for National Association of Pension and insurance Journalists organised by PenOp today in Lagos.

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·          By Bayo Yusuf, MD/CEO UBA Pensions Custodian(Chairman Subcommittee on EPCCOS)

·          At 2014 PENOP Media Partners Retreat

 

·          What is EPCCOS ?

·          Simply means “Electronic Pension Contribution Collection System”

 

·          Its an Industry Platform developed to drive seamless pension contribution remittances and schedules collection.

·          Objectives

·          Seamless remittances

·          Minimize reconciliation issues

·          Timely crediting of employee’s RSA

·          Straight Through Processing (STP) 

·          Parties and Roles

Employers

·          Upload contribution schedule prior to payment

·          Platform generates unique reference number and amount payable based on schedule uploaded

·          Platform validate employer code and PIN digits for correctness

·          Make payment using any of the employer’s e-banking facilities

 

·          Parties and Roles

PFCs

·          Download schedule uploaded by employers

·          Validate payment with schedule uploaded

·          Generate reports

·          Ensure usage of Platform  by employers

 

·          Parties and Roles

PFAs

·          Download schedule uploaded by employers

·          Validate payment with schedule uploaded

·          Generate reports

·          Ensure usage of Platform by employers

 

·          Parties and Roles

PenCom

·          Download schedule uploaded by employers

·          Generate reports

·          Regulate and ensure standards are followed

 

·          Parties and Roles

NIBSS

·          Platform Developer and Host

·          Complaint management

·          Security of data

 

·          Benefits

·          Eliminate employers’ burden of multiple schedule generation

·          Timely crediting of employees Retirement Savings Account

·          Minimal contribution reconciliation issues

·          A self-service Platform

 

 

·          EPCCOS URL

·          https://apps.nibss-plc.com.ng/EPCCOS