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The warning has come again. If anyone had any doubts about how serious PENCOM was about its December 31 deadline for the transfer window (for PFAs), it has cleared it. If you’re counting, you would realize that it’s just a little over two months before then. So, you see, the race to kick-off is only a few sunsets from now.
The answer is simple; every PFA is to conduct a KYC registration of all its contributors everywhere. And this is for the equally simple purpose of easing “workers with Retirement Savings Accounts under the Contributory Pension Scheme to change their Pension Fund Administrators.”
With this in mind, it is not difficult to see why PenCom expects each PFA to undergo this KYC process of identifying and (re)registering all their customers to ultimately avoid compliance issues in the future.
For those who have not started the process of adhering to this regulation, it is expected that they’ll be on the active lookout for enablers. In preparation of when the regulation finally kicks in. And if this is you reading this piece, here’s why BioRegistra is the perfect solution for your KYC (sic Transfer Window) needs:
The easier the process of registration, the faster and better for everyone. And to achieve this, kindly cancel out the use of paper forms. Do it the digital way. BioRegistra allows you to carry out onboarding faster than you used to know it, thanks to its ability to work on both mobile phones and desktops.
BioRegistra allows you to reach your contributors anywhere using our offline forms. Whether there’s internet or not, your agents still get to capture customer data without fuss. And once there’s internet again, there is an immediate synchronization.
You know how you have to manually enter data from paper forms after returning from field registrations? BioRegistra eliminates all of these and allows you to have access to all your customer data in one glance. Customer information sits in your database immediately the agents collect this data.
With BioRegistra, PFAs get ready-made templates from which they can quickly create forms for customer onboarding. This is made easy using the drag and drop feature for creating additional fields in the forms. In a short time, forms can be ready for use in the field for data capture.
Configure your forms to collect all kinds of customer biometric data, including text, images and fingerprints.
There would be certainly no issues when it comes to capturing the information of your customers from anywhere in the country, whether as retired individuals or people still in service. Agents can be deployed to certain locations where the capture will be done.
The pension body, PenCom, requires that all data are reported in XML formats. BioRegistra enables you to generate these information in this format, ensuring compliance with the regulation.
As a PFA, you can make your KYC process a whole lot easier by adopting BioRegistra as a digitization tool, even beyond the transfer window.
Get started on BioRegistra today here.