NPRA’s digital ecosystem to boost transparency, curb pension fraud

The National Pensions Regulatory Authority says its soon-to-be-launched Pensions Digital Ecosystem (PDE) will significantly enhance transparency and reduce fraud in Ghana’s pensions industry.

The integrated digital platform will feature biometric verification through the National Identification Authority, helping to eliminate identity-related fraud and improve the accuracy of contributor records.

It will also enable real-time contribution and benefit tracking, allowing workers to verify payments made on their behalf and quickly detect any discrepancies.

For the regulator, the system’s enhanced reporting and supervisory tools will improve oversight of trustees, fund managers and employers, while enabling early detection of irregularities.

The NPRA says the initiative is aimed at building public confidence and ensuring a more accountable, transparent and secure pension system in Ghana.

The National Pensions Regulatory Authority is leveraging technology to expand pension coverage to millions of informal sector workers through its proposed Pensions Digital Ecosystem (PDE).

The digital platform is expected to simplify registration and contribution processes, making it easier for traders, artisans, farmers and self-employed workers to enrol onto pension schemes using mobile phones and fintech platforms.

With about 80 percent of Ghana’s labour force operating in the informal sector, the NPRA believes the digital ecosystem could play a crucial role in bridging the pension coverage gap.

The system will also allow contributors to monitor their savings and benefits in real time, increasing transparency and trust in the pensions system.

The Authority says the PDE forms part of broader efforts to create an inclusive and accessible pension scheme for every Ghanaian worker, regardless of employment status.