NUBIFIE Praises NSITF for Expanding Employee Compensation Scheme to Fintech and Agency Banking
The Nigeria Social Insurance Trust Fund (NSITF) has been applauded for extending the Employee Compensation Scheme (ECS) to cover 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), expressed his support for this initiative during a stakeholder workshop organized by NSITF in Kano. The event gathered industry leaders to discuss the inclusion of agency banking and fintech employees in the ECS, a vital step toward fostering workplace safety and employee welfare.
Comrade Abakpa emphasized the importance of this partnership between NSITF and the fintech industry in creating a safer working environment. He highlighted the ECS as a critical social security measure aligned with International Labour Organization (ILO) standards. “Expanding the ECS to fintech is timely and essential for protecting this growing sector’s workforce,” he said. To ensure its effectiveness, Abakpa urged NSITF to embrace digital transformation, such as online portals and mobile apps, to simplify the registration process for informal sector employers.
He further recommended flexible contribution plans and customized support for fintech companies to encourage participation in the scheme. Abakpa suggested offering incentives like tax breaks and tailored support services to drive compliance and participation. Collaboration with unions, industry groups, and government bodies was also advised to create a supportive environment for employers and employees. Additionally, he acknowledged recent NSITF efforts to address past delays in disbursing ECS benefits, calling for continued improvements in benefit distribution.
NUBIFIE Highlights Benefits of ECS for Fintech and Agency Banking Workers
Chika Onyewuchi, General Manager of NSITF’s Informal Sector Department, explained that the ECS expansion aligns with NSITF’s broader goals of reaching Nigeria’s informal workforce. Onyewuchi described the move as a boost to financial inclusion, stating, “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 highlighted that ECS coverage includes protection for commuting accidents, particularly benefiting agency banking agents who frequently travel to serve clients. This coverage enhances worker safety and security while allowing employers to transfer workplace-related risks to NSITF. She noted that this reduces employer liability and prevents costly legal disputes.
Onyewuchi encouraged informal sector players to adopt the ECS, describing it as a vital tool for reducing financial vulnerabilities and bridging the gap between Nigeria’s formal and informal economies. Key stakeholders, including NUBIFIE General Secretary Mohammed Sheik, Kano State Nigeria Labour Congress Chairman Anwali Yaksse, and representatives from banks such as Zenith and Fidelity, attended the event. Fintech companies like Moniepoint and various Point of Sales (POS) operators were also present to support this groundbreaking initiative.