Echotitbits – Nigeria News

Tag: Pensioners

  • Lagos State Commits Over N1 Billion to Settle Backlog of Retiree Benefits

    Lagos State Commits Over N1 Billion to Settle Backlog of Retiree Benefits

    In an update published by The Punch, the Lagos State Government has successfully distributed more than N1 billion to 543 retirees, covering their long-awaited accrued pension rights. This disbursement is part of a strategic effort by the Babajide Sanwo-Olu administration to clear the financial obligations owed to former public servants and ensure their post-service welfare is prioritized.

    The Governor emphasized that the prompt payment of these benefits is a testament to the state’s commitment to the social contract between the government and its workforce. By settling these claims, the administration aims to provide a financial safety net for the elderly who have spent decades in the service of the state, particularly during times of economic volatility.

    Further validation of this development was provided by The Nation, which noted that the payment exercise was conducted through the Lagos State Pension Commission (LASPEC). The outlet quoted an official stating, “We are determined to maintain a consistent payment schedule to ensure that no retiree is left in financial distress.” Similarly, Daily Post confirmed the disbursement, highlighting the emotional relief for beneficiaries; the report featured a brief quote from a retiree: “This payment is a lifeline that has restored our hope in the system.”

    Echotitbits take:

    Lagos remains the frontrunner in pension reforms in Nigeria, consistently funding its retirement obligations despite national fiscal pressures. This move not only boosts the local economy by increasing the purchasing power of over 500 households but also serves as a stabilizing factor for the state’s civil service. Watch for whether other states, currently grappling with pension backlogs, will adopt the Lagos model of consistent monthly funding into retirement savings accounts.

    Source: The Guardian – https://guardian.ng/news/nigeria/metro/lasg-pays-465-retirees-n1-billion-pension-benefits/, and February 2, 2026

    Photo credit:  The Guardian

  • I’M Alive Mobile Verification App Set to Ease Nigerian Pension Administration

    I’M Alive Mobile Verification App Set to Ease Nigerian Pension Administration

    A technology approach to solving some of the challenges faced in pension administration has been introduced with the development of I’M Alive, a pensioner verification solution by Chams Plc.

    The Group Managing Director (GMD) of Chams Plc, Gavin Young, at an interactive session with journalists on Monday, at the firm’s corporate headquarters in Victoria Island, Lagos, said the solution, which is a mobile application, is designed to ease verification processes for both pension administrators and pensioners.

    The I’M Alive solution, according to the Lagos based firm will verify pensioners remotely in the comfort of their homes using a facial biometric mobile app that facilitates quick and easy verification for both government and private pensioners, and provides pension administrators with comprehensive reporting to ultimately facilitate pension payments.

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    In his remark while explaining the impact, Young noted that the I’M Alive solution would go a long way towards solving a major process-intensive hurdle for the Pension Industry.

    “For both pensioners and pension payers, I’m Alive solution is convenient, saves time & money, easy-to-use, less administrative bottle neck and headaches. The Solution is fully equipped with features that will make life easy for pensioners as it is supported by Artificial Intelligence which will detect liveliness and authenticate the Pensioner for payment processing.

    “The app and pensioner are not linked to a particular phone number or mobile handset. Any smartphone with a functionality that aides selfie alignment and lighting quality can be used, ensuring a higher success rate for pensioners using the app.

    The firm’s GMD expressed confidence about the security of the application noting that it cannot be hacked, stressing that no third party can impersonate a registered and verified pensioner on the app.

    “Every data is encrypted and it cannot be copied. In addition, Chams Plc adheres to data protection compliance regulations as specified by NITDA”, he stated.

    Speaking on the sustainability of the solution, Young admitted that while the priority for now is to solve the basic problems of inconvenience and overhead cost associated with the current physical presence verification, the mobile verification app solution can still do a lot more. He added that more features such as linking payment to the app could come later.

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    The GMD, giving further explanation on the product said “the design had in mind users that are not tech savvy and in the remote areas as pensioners don’t have to be tech-savvy to use the app as it is user friendly and has detailed explanations, including the ability to work in an offline mode.

    “The verification can be done on any smartphone, owned by anybody. Once you have your BVN & retiree number ready, it takes less than three minutes as verification is real-time.

    “Through this product, Chams has continued to expand operations through strategic partnerships and innovative products and solutions that are tailored to the Nigerian and African Markets” Young said.

    Earlier this year, Chams Plc, a Nigerian company of over 35years experience at providing digital solutions across a broad range of customer segments in Nigeria embarked upon a new vision and strategy that focuses on consumer-facing innovative digital solutions that are mobile phone based and not only beneficial to Nigerians but the greater African market.

    By Tobiloba Kolawole