The need for a robust information technology cannot
be over emphasized and as the Head Surveillance, M Y. Datti of National Pension
Commission in the 2011 circular in
raising the minimum share of Pension Fund Administrators to 1 billion Naira
stated that as part of its oversight function observed that “the minimum share
capital of 150 million naira was no longer adequate to meet the operation
expenses of PFA business, given its intensive IT nature and average gestation
period of 5 years.
From the presentation of Datti, it is very glaring
that IT plays a prominent role in pension management, having an adequate technology
infrastructure will go a long way in ensuring customer satisfaction.
There is urgent need to ensure a proper safeguard
customer data against intruders, like hackers, identity theft, password
sniffers, web crammers, spoofing, data kidnappers, software piracy, cyber squatting
and unlawful interceptions.
The need for these safeguards are coming as a
result of recent development in the world, I cloud issues, and as
It's common for
businesses to install security systems to keep their properties safe and to
purchase insurance in the event of a disaster or robbery. Arguably, though, a
security system feature that is of equal importance is one that business owners
can implement to protect company computers from hackers and viruses. Hacking on
the whole costs businesses billions of dollars each year. But there's more than
just money at stake if your business were ever to encounter a computer hacker”
But
technology is an expensive project and requires large chunk of money for it
implementation and will definitely a larger chunk of money for its safe
guarding and protection, more recently we have read cases of nude pictures of
celebrity being leaked on line as a result of hacking of I cloud, if people can
hack naked pictures of women, then it is left for anyone’s imagination to ascertain
what other areas it can hack.
Technology
is a paramount necessity in all spheres of business life and pension cannot be
an exception, issues to pertaining to customer service delivery are also a
great concern as far as technology is concerned. All Pension Fund Administrators are geared towards
market deepening, and market deepening comes with it a large customer base waiting to be serviced
on a regular bases .But be as it may ,the servicing of these customers requires
a robust IT infrastructure.
Market
deepening comes with increase in pension assets and large investible funds for
growth of the economy and also these are being driven for a good IT
infrastructure.
The
world has become a global village and we are in the period of hyper
globalization, technology therefore becomes an essential ingredient in driving
the scheme to a profitable base even as the pensions hit 4.5 Trillion Naira.
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