The Nigeria Social Insurance Trust Fund (NSITF) has been lauded for its proactive move to broaden the Employee Compensation Scheme (ECS), now extending coverage to workers in the agency banking and fintech sectors.
Comrade Anthony Abakpa, National President of the National Union of Banks, Insurance, and Financial Institutions Employees (NUBIFIE), shared his support for this initiative during a stakeholder workshop hosted by NSITF in Kano. The event gathered industry players to discuss the ECS’s new inclusion of agency banking and fintech employees.
Comrade Abakpa emphasised that the partnership between NSITF and the fintech industry is crucial in fostering a safer and more supportive working environment. Recognizing ECS as a fundamental social security measure in line with International Labour Organization (ILO) standards, he praised the expansion into fintech as timely and necessary to protect the sector’s workforce.
“For the ECS to be fully effective in this rapidly growing sector, NSITF must embrace digital transformation,” Abakpa noted. He called on NSITF to simplify registration through digital tools, like online portals and mobile apps, for easy access by informal sector employers. This, he said, would enhance the registration process and streamline contributions for fintech businesses.
The NUBIFIE president also recommended tailored solutions such as flexible contribution plans and customized support for fintech companies. “NSITF should implement policies that encourage participation, offering incentives like tax breaks and support services specific to fintech,” he suggested. He highlighted the importance of coordination with unions, industry groups, and government bodies to foster compliance and ensure a supportive environment for employers and employees alike.
Abakpa also underlined the significance of efficient and timely benefit distribution, acknowledging recent management efforts to resolve past delays in disbursing ECS benefits to qualified beneficiaries.
Speaking on behalf of NSITF, Chika Onyewuchi, General Manager of the Informal Sector Department, explained that the ECS expansion aligns with the fund’s goals to reach Nigeria’s informal sector, which comprises a large portion of the country’s workforce. She praised the initiative as a boost to financial inclusion efforts.
“By extending ECS to fintech and agency banking, NSITF provides a more secure work environment, enabling these industries to attract talent with the assurance of protection from work-related risks,” Onyewuchi said. She highlighted that ECS coverage includes commuting accidents for agents who travel frequently to serve clients, enhancing safety and security.
She further emphasised that the scheme also allows employers to transfer their risk to NSITF, reducing their liability related to workplace incidents, thus preventing costly legal disputes.
Onyewuchi concluded by urging all informal sector players to adopt the ECS, which she sees as a vital step toward reducing financial vulnerability and bridging the divide between formal and informal economies.
The event was attended by key figures, including the Kano State Chairman of the Nigeria Labour Congress, Anwali Yaksse; NUBIFIE General Secretary Mohammed Sheik; AMBO Chairman Odetunde Lukman; and AMON President Salihu Umar. Representatives from major banks and fintech companies, such as Zenith, Fidelity, and Moniepoint, were also present, alongside various Point of Sales (POS) operators.
