A Presentation on Electronic Pension Contribution Collection System (EPCCOS)

· By Bayo Yusuf, MD/CEO UBA PensionsCustodian(Chairman Subcommittee onEPCCOS)

· 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