NIS expands pension access with MMG, Bill Express, MoneyGram

The National Insurance Scheme (NIS) has now added three new payment options for pensioners to encash their vouchers directly into their Mobile Money Guyana (MMG) account or at any Bill Express or MoneyGram location across the country.

Delivering the feature address in the presence of NIS officials and Board Members as well as the various payment provider agency officials during the launch ceremony held at Herdmanston Lodge on Wednesday, Senior Minister with Responsibility for Finance Dr Ashni Singh said this move demonstrates the Guyana Government’s continued efforts to improve the delivery of services to pensioners and NIS contributors countrywide.

In fact, he pointed out that with the introduction of these three new payment options, pensioners will now have a total of 4,779 locations nationwide to encash their NIS vouchers.

“So, between these three partners alone, we have now added 4,779 locations where NIS pensioners can now receive their NIS pensions. And that’s a very staggering number,” the finance minister posited.

While physical pension vouchers can be taken to any MoneyGram, operated by Massy Group, or Bill Express, operated by Western Union, location to be encashed, those wanting to receive their pension payments through MMG would need to set up an account, if they do not already have one, and provide that number to NIS so that the money can be directly deposited there – a process similar to using bank accounts. The beneficiaries would then need to go to any of more than 4,600 authorised MMG agents nationwide to cash out their money, if needed.

“So, between these three new partners, we have, of course, the Mobile Money option, which means that once you have an MMG wallet in your phone, you can now receive your NIS pension directly into your MMG wallet and spend directly from the MMG wallet. But if you chose to withdraw cash from your MMG account, you have 4,672 locations countrywide where you can do that,” Dr Singh pointed out.

Meanwhile, the finance minister went onto note that the number of pensioners receiving pension directly into their bank accounts has more than doubled to 24,415, moving from 11,932 in 2020. Against this backdrop, he urged the remaining 39,052 beneficiaries who are receiving their pensions via a pension book to exercise the option of getting their NIS pensions paid directly into their bank account.

“President [Dr Irfaan] Ali was very deliberate as he was leading the preparation of our manifesto for the 2025 elections. He instructed that a special chapter be written on what he described as financial inclusion and financial literacy, and that was not by accident because he recognized that in this period of modernization and transformation in our country, we cannot have a population that is not financially included-meaning part of the formal financial system. If you have a bank account, you are interacting with the formal banking system, you have access to loans and to credit, you are using some of the modern instruments of the financial system,” Minister Singh underscored.

Notwithstanding this, the minister pointed out that government continues to focus on improving the delivery of services to all pensioners including those who do not have bank accounts, thus the launch today of the three new payment options for pensioners to encash their payment vouchers.

“Prior to the concluding of these arrangements with these three new partners, persons who had an NIS book of vouchers could have encashed those vouchers only at the following locations: at any one of the NIS’, and in addition, we had entered arrangements with the commercial banks that persons could have encashed their vouchers at all but one commercial bank,” he pointed out.

Dr Singh also elaborated on the country’s vastly expanding economy and the reason why more persons are joining the NIS as contributors as they see the many benefits the institution serves.

Also delivering remarks at Wednesday’s launch following the NIS’s 600th Board meeting to date, was Chairman of the NIS Board Ramesh Persaud, who said the agency has vastly improved its services over the last years with processing of claims moving from an average of two and a half months to two weeks.
Delivering welcome remarks at the launch, General Manager of NIS, Holly Greaves, expressed appreciation to government, other stakeholders, pensioners and other contributors for the support the entity has received as it continues to improve its services to the public.

Upon returning to office in 2020, the People’s Progressive Party/Civic (PPP/C) administration has placed specific focus on ensuring that the NIS remains a viable National Insurance Scheme for the benefit of citizens across the country and the senior minister has led various outreaches countrywide to address the concerns of thousands of pensioners and contributors.