News / National
NSSA to engage mobile money operators to ease pension payment hurdles
13 Apr 2016 at 06:22hrs | Views
The National Social Security Authority is working on plans to improve pension payments by engaging mobile network operators with a view to using their mobile payment platforms to Tallow members to receive their pensions at significantly reduced costs.
The Worker reported that in its fourth quarter update released last month NSSA Chairman Robin Vela said they thought of engaging mobile phone operators after realising that a significant number of NSSA beneficiaries are either unbanked or live in places where it is costly to access traditional banking services.
In most instances, because of the NSSA's low pay-outs, pensioners end up with little money after spending much in travelling costs to towns and cities.
"A significant number of our beneficiaries are either unbanked or now live in places where it is costly to access banking services and the Authority has engaged mobile network operators with a view to using their mobile payment platforms to allow members to receive their pensions at significantly reduced costs. To improve on communications and notices to our members, the Authority is pursuing the use of mobile platforms. The board expects the exercise to be completed by end of the first quarter of 2016," said Vela.
The development is part of reforms, the social security authority is chasing to attract and accommodate the informal economy market and expand its membership base.
Other key messages the new board is pursuing has to do with investments performance.
Vela said in order to chart a new direction and bring the lacking stakeholder satisfaction with previous investment decisions, the board resolved to appoint an investment expert to the Investment Committee as required by the NSSA Act.
The Worker reported that in its fourth quarter update released last month NSSA Chairman Robin Vela said they thought of engaging mobile phone operators after realising that a significant number of NSSA beneficiaries are either unbanked or live in places where it is costly to access traditional banking services.
In most instances, because of the NSSA's low pay-outs, pensioners end up with little money after spending much in travelling costs to towns and cities.
"A significant number of our beneficiaries are either unbanked or now live in places where it is costly to access banking services and the Authority has engaged mobile network operators with a view to using their mobile payment platforms to allow members to receive their pensions at significantly reduced costs. To improve on communications and notices to our members, the Authority is pursuing the use of mobile platforms. The board expects the exercise to be completed by end of the first quarter of 2016," said Vela.
The development is part of reforms, the social security authority is chasing to attract and accommodate the informal economy market and expand its membership base.
Other key messages the new board is pursuing has to do with investments performance.
Vela said in order to chart a new direction and bring the lacking stakeholder satisfaction with previous investment decisions, the board resolved to appoint an investment expert to the Investment Committee as required by the NSSA Act.
Source - The Worker
