eTranzact, innovative financial technology solutions company, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.

In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.

It also stated that, with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact.

“This transition aims to minimise travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners.”

According to the statement, Air Vice Marshal Paul Irumheson, chairman of the Pension Board, said the necessity of this transition to electronic verification is crucial for the safety and convenience of military pensioners.

“This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.

“The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies.

“The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.

“The Minister of State for Defence, Dr Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognising its potential to revolutionise the military pensions system.”

The statement further explained that the “key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria.

On his part, Niyi Toluwalope, chief executive officer of eTranzact, expressed enthusiasm concerning the partnership for digitalized pension processes.

“We are honoured to collaborate with the Military Pensions Board on this transformative project. At eTranzact, we are committed to harnessing the power of technology to solve critical challenges and improve the quality of life for Nigerians. This digital verification system affirms our dedication to innovation and excellence,” the statement reaffirmed.

No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge over the past five years. This reflects the Bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs.

A cross section of the winners in the recent edition of the Corpreneurship Challenge

Launched in 20219 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants, who are mostly fresh graduates participating in the one-year compulsory NYSC service, get the opportunity to present their business plans and stand a chance to win business grants.

The Bank recently increased the prize money to 16 million Naira per stream, allowing participants who emerge winners in the business pitch to win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Reflecting on the impact of the initiative, The Divisional Head, Digital Banking and Fintech Partnerships, at Unity Bank, Mr Olufunwa Akinmade, who led the pioneer team that designed the initiative and launched the pilot, said: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due its high-level of success in supporting budding entrepreneurs in the target demographic, as well as the size of the problem it is designed to solve for the Nigerian economy”.

Olufunwa expressed satisfaction with Corpreneurship Challenge’s rising profile as one of the leading sector-agnostic business incubators in Nigeria and said the Bank is committed to sustaining the programme to attain even greater impact required to boost job creation, with young entrepreneurs leading the charge.

Also speaking, the Divisional Head of Retail and SME Banking, Mrs. Adenike Ambimbola said, “We have seen the positive impact of the Corpreneurship Challenge over the past five years because of its innovative approach to youth empowerment and job creation, including a holistic strategy of supporting budding entrepreneurs with mentorship, and skills development, besides the financial backing.”

Since its launch, the Corpreneurship Challenge train has crisscrossed the length and breadth of Nigeria, making a stop in 10 States per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality, thus supporting the growth of the SME sector in Nigeria.

The latest edition was held across 10 States, including Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo State, with three winners emerging in each State to make up 30 winners for the edition.

Deposit Money Banks (DMBs) in Nigeria recorded a total loss of N468.42 million dues to fraudulent activities in the first quarter of 2024, according to Financial Institutions Training Centre (FITC).

The reported represented a decrease of 77.62 per cent over the N2.09bn lost in the fourth quarter of 2023 according to FITC Report on Fraud and Forgeries in Nigerian Banks for Q1 2024 released on Monday.

FITC was established in 1981 as a not for profit special purpose professional services organization that is limited by guarantee of its members, who are also members of Nigerian Bankers’ Committee, as comprised of the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, all licensed Banks and Discount Houses in Nigeria.

The institution also noted that number of cases reported by the DMBs in Nigeria dropped by 7.5 per cent compared to the 12,405 cases reported in the fourth quarter of 2023.

“Nigerian banks lost N468.42m in the first quarter, a substantial decline from the N2.09bn loss they recorded in Q4, 2023

“For Q1 2024, a total of 11,472 cases were reported, and when compared to the 12,405 cases recorded in the Q4 2023, a 7.52 per cent decrease is noted” the report read.

Revealing channels where the criminal activities were perpetrated, the institution cited computer/ web fraud, mobile fraud, and Point of Sale (POS) as the top three prevalent forms of fraudulent activity.

This, it added, is consistent with the trend observed in the previous quarter.

According to the FITC report, mobile fraud accounted for 46.29 per cent of the total losses recorded by the banks valued at N216.83m, while computer/web fraud entries accounted for 17 per cent.

“During Q1 2024, fraudulent activities were conducted through various channels, which included ATMs, online platforms such as web and mobile banking, bank branches, and point-of-sale (POS) terminals.

“In the first quarter of 2024, cards were the only instrument for fraud that recorded an increase, while the use of cheques and cash recorded relatively lower fraudulent activities when compared to the previous quarter.

“Specifically, there was a 31.12 per cent rise in fraud cases through the POS Channel, rising from 2,683 cases in Q4 2023 to 3,518 cases in QI 2024” FITC stated in the report.

The institution urged commercial banks across the country to be more vigilant, while noting that banks need to ensure advanced fraud detection technologies.

In addition, FITC urged DMBs to employ the services of Artificial Intelligence, Machine Learning, Robotics Process Automation, Advanced Analytics, and Predictive Modelling to arrest the situation.