KABANDA CHULU, Lusaka
NATIONAL Pension Scheme Authority (NAPSA) has signed an agreement with Citibank to make it easier for the authority to access collections from clients who have been experiencing challenges in reconciling their individual employee contributions.
The partnership will also lead to faster updates of member accounts leading to prompt payment of member benefits.
Citibank has become the ninth financial institution to integrate its electronic banking platform (CitiDirect BE) with the e-NAPSA platform.
Speaking at the launch of the partnership on Wednesday night, NAPSA director general Yollard Kachinda said the e-NAPSA platform has been implemented to improve management of contributions and benefits, improve compliance and to promote effective customers services.
He said the e-NAPSA will improve the quality of data that the authority hosts for its members.
“This will result in prompt settlement of pension benefits and enhanced general operational efficiency as well as the compliance burden and reduced cost of doing business for employers as they can now access services remotely,” Mr Kachinda said in a speech read on his behalf by NAPSA director of strategy and business performance Ronnie Kamanya.
And Bank of Zambia representative Lazarus Kamanga has urged banks to be in the forefront of providing digital services.