THE EVOLUTION OF PENSION FUND DIGITALIZATION IN THE U.S. AND NIGERIA: CHALLENGES, OPPORTUNITIES, AND FUTURE TRAJECTORIES

Author:
Anwuli Nkemchor Obiki-Osafiele, Tochukwu Onunka, Ayoola Maxwell Alabi, Okeoma Onunka, Chibuike DaraOjimba

Doi: 10.26480/csmj.01.2024.01.10

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

The digitalization of the pension fund sector is a transformative process gaining momentum globally, with distinct implications for countries like the U.S. and Nigeria. This paper delves into the challenges and opportunities presented by the digitalization of pension funds in these two nations. In the U.S., the emphasis is on the impact of pension fund management on credit quality, borrowing costs, and the significance of funding levels and reporting transparency. The U.S. also explores the potential of integrating A.I. and other advanced technologies, emphasizing the benefits of personalization and AI-driven investment strategies. Nigeria, in contrast, focuses on enhancing financial inclusion and efficiency and addressing infrastructure limitations through digitalization. The Nigerian government’s policies to accelerate this process, such as adjusting fertility policies and implementing accounting standards, are also discussed. Both countries, however, recognize the overarching potential of digitalization to improve pension fund management and provide enhanced services to pensioners. The paper further provides recommendations for stakeholders, emphasizing the importance of strengthening cybersecurity measures, encouraging public-private partnerships, investing in digital literacy and outreach programs, and adopting global best practices while considering local contexts. In conclusion, the digital evolution in the pension fund sector signifies a broader global trend, promising a future where pension systems are more transparent, efficient, and inclusive.

Pages 01-10
Year 2024
Issue 1
Volume 2