Pensioners and other persons accessing the services of the National Insurance Scheme (NIS) can now receive their pensions and other benefits through MMG, Bill Express, and Money Gram, the Insurance Scheme announced today, as it launched the introduction of the three new payment methods.
Pensioners and other citizens usually encash their vouchers at NIS offices and post offices countrywide, and most recently through the commercial banks. However, the introduction of the new payment methods promises greater convenience.
Senior Minister with responsibility for Finance, Dr Ashni Singh said prior to today’s announcements, pensioners and other persons, with the exception of those accessing their benefits through the banks, were restricted to 77 locations – 14 being NIS offices, and 63 being post offices in the country.
The access points, he said, have now drastically increased with the introduction of the three new payment methods – Money Gram, Bill Express and MMG.
Bill Express has some 52 branches across the country, while Money Gram has some 55 locations and MMG some 4,672 agents.
In the case of MMG, beneficiaries who opt to receive their pension payments through MMG would be able to cash out those funds at authorized MMG agents nationwide. However, the physical NIS vouchers cannot be encashed at MMG agents.
“So, between these three partners alone, we have now added 4,779 locations where NIS pensioners can now receive their NIS pensions and that is a very staggering number,” Minister Singh said.
The Finance Minister said already thousands of NIS pensioners are receiving their pension through the commercial banks. According to him, the number of pensioners receiving their pension payments through the banks has increased by more than 100%.
“In 2020, the number of pensioners receiving their pensions directly into the bank was less than 12,000. In fact, in 2020, 11,932 pensioners were receiving their pension into their bank accounts. And when we came into office I said to Ramesh, who was the brand new chairman, and I said to Holly we would like to reduce the number of pensioners who have to join a line to get a book and we would like to increase the number of pensioners who are receiving their pension directly into the bank. And having started in 2020 with 11,932 direct bank recipients of pension, I am extremely delighted to report that that number has more than double by 2026 and today we have 24,415 persons receiving their pension directly into their bank accounts,” the Finance Minister said.
Minister Singh, however, noted that there are still more than 39,000 pensioners who are not receiving their pensions through the bank, and he urged the NIS to launch an aggressive awareness system to have more persons utilize the banking system.
NIS General Manager, Holly Greaves said the expanded service is an indication of the insurance’s commitment to improved service.
“This launch coincides with our 600th Board Meeting of the National Insurance Board, a significant milestone for us because it emphasizes our commitment as an organization towards improving our services to our customers, especially our valued pensioners,” Greaves said.
Chairman of NIS, Ramesh Persaud said said the introduction of the new payment methods was in the pipeline for approximately five years, and would allow contributors and beneficiaries to access their benefits at their convenience.
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