Demystifying the ‘HOW MIGHT WE’s’ of Micro Pensions Registration and KYC Onboarding Processes.

The Nigerian informal sector is fast becoming a major contributor to the nation’s economy, accounting for 65% of her GDP in 2017 (according to IMF). This sector makes up a significant portion of employment, constituting the larger percentage of the working population in the country. This is one of the major reasons why the Pension Reform Act (PRA) in 2014 expanded coverage of the CPS to individuals in this sector with the strategic objective of covering 30% of the working population in Nigeria by the end of 2024. This reason birthed the Micro Pensions Plan Initiative — a pension scheme that caters to the unique characteristics of individuals in this informal sector.

Getting these individuals all set up on a micro pensions plan will follow the same route as that of the regular pension. This means ‘data must be captured’. The registration and onboarding processes in their most basic forms will involve;

  • Gathering capture agents,
  • Deploying agents to carry out capture on the field,
  • Collecting clients’ data for profiling, both textual and biometric data including fingerprints, passport photos, and signatures — all up to standards of the regulatory body.
  • Collecting unique identifiers such as NIN and BVN.

However, there are the intricate parts to this processes, some of which would beg the following ‘HOW MIGHT WE’ questions

How might we get access to a network of trained capture agents to meet these individuals especially outside the bank? And how might we monitor these deployed agents to ensure they are capturing the required data?

How might we perform constant quality checks after each capture to ensure biometrics data meet the required standard?

How might we capture contributors in remote locations where internet connection is either unstable or unavailable?

How might we speed up the process of analysis by ensuring data gets to the back-end in real-time?

How might we collect and authenticate unique identifiers on-the-go so we are not surprised during analysis?

And that’s where BioRegistra comes in to answer all the How Might We’s….

BioRegistra as a mobile end-to-end digitization tool offers itself as the perfect alternative to available solutions by providing Pension Fund Administrators (PFAs) with a robust electronic platform that enables fast and seamless KYC onboarding of micro pensions contributors, including cross-border individuals, without limit in the field.

With BioRegistra, PFAs can;

Access Unlimited Capture Agents

BioRegistra’s access to a wide network of capture agents ensures that nationwide capture and faster customer onboarding can be easily achieved. The “Agent Management” feature allows PFAs to choose numerous individuals who would assist in capturing contributors’ details in different locations. This feature also allows admins to see a real-time overview of the data capture/ registration activities as carried out by these agents. Agents are fully empowered with ready-made templates that can be easily edited by dragging and dropping necessary fields.

Capture All Kinds of Information

PFAs can collect all kinds of client data, including textual, fingerprints, images, and signatures without limit even outside the bank. BioRegistra performs quality checks on-the-go, ensuring that captured biometric data meet the standard requirements — such as fingerprints capture and photos that comply with the standard FBI AFIS certification, WSQ format and NFIQ score. What more, captured data can be generated in XML formats, in compliance with the standard as stipulated by PENCOM.

Capture Contributor’s Data Successfully Offline

BioRegistra allows PFAs to reach contributors anywhere using offline forms. This means that even without internet connectivity, agents can still get to capture individuals’ data without stress. Captured data is stored on the device and synced seamlessly when internet connectivity is detected. This ensures unbiased nationwide inclusion especially for individuals in remote, rural locations.

Cut Down on Processes with Real-time Integrations

With BioRegistra, PFAs do not have to manually enter captured data after returning from field registrations. Instead, admins have access to all captured data in one glance and in real-time. This ensures analysis and onboarding with speed.

Collect, Issue and Authenticate Unique Identifiers

BioRegistra provides an interface with the National Identity Database for the authentication of NIN and BVN for individuals seeking to register under the Contributory Pension Scheme (CPS). BioRegistra even goes further to enable electronic submissions of requests by PFAs for the registration of unique contributors and issuance of PINs; automates the process of issuing employer codes; provides an electronic interface for PFAs to carry out bio-data updates and edits of clients’ information on the National Data Bank.

In conclusion, finding a solution for meeting your KYC requirements during the micro pensions onboarding and registration process should not be a challenge when you have BioRegistra to ease the entire process of data capture. Your next question should be “How might we get started?” that’s easy, you can get started for FREE by clicking this link below.

Are you, or your organization passionate about data? collecting it? collating it? analyzing it? then you are the kind of people we write for. Follow our publication, and you would gain knowledge on everything data, from the process of easy capture to the end goal of making data-driven decisions. Don’t hesitate to clap 👏👏👏

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