By Victor AhiumaYoung

Organised Labour in the nation’s financial industry has commended the Nigeria Social Insurance Trust Fund, NSITF for taking proactive steps to expand the Employees’ Compensation Scheme to the Agency Banking and Fintech industries.

Under the National Union of Banks, Insurance and Financial Institutions Employees, NUBIFIE, Labour described ECS as one of the nine contingencies making up the social security programmes enunciated by the International Labour Organisation, ILO,.

President of NUBIFIE, Anthony Abakpa, who spoke in Kano while at a sensitization workshop for stakeholders in the Agency Banking and Fintech industries organized by the NSITF, also noted that though the NSITF has made remarkable progress in implementing the scheme across the years, the foray into the Fintech industry was strategic and came at the nick of time

A statement by NSITF’s General Manager, Corporate Affairs, Nwachukwu Godson, quoted NUBIFIE as saying  a growing collaboration between the NSITF and stakeholders in the mobile money and FINTECH industry will not only provide a networking platform but also a safer and supportive financial service environment for employees across Nigeria. 

He described the ECS as one of the nine contingencies making up the social security programmes enunciated by the International Labour Organisation, ILO, equally observing that though the NSITF has made remarkable progress in implementing the scheme across the years, the foray into the Fintech industry was strategic and came at the nick of time. He therefore urged participants who thronged the Islamic Forum of Nigeria Conference Hall, Kano, to embrace the scheme.

According to him, “To get the informal sector employees and employers especially the fintech industry, to register with the Fund, the NSITF must utilize digital platforms (Digital on-boarding) and tools to simplify the registration process for informal sector employers. This can include online registration portals and mobile (apps) applications that make it easy for employers to register and manage the contributions.”

He further suggested “the development of tailored solutions that address the specific needs and challenges of the fintech industry, which include flexible contribution plans, customized communication, and support services that cater to the unique characteristics of fintech businesses.

“Inclusive Policies and Programs—Implement inclusive policies and programs that encourage the participation of informal sector employers. This can involve providing incentives such as tax breaks, subsidies, or grants to employers who register with the Fund. “Financial Cooperatives—Promote the formation of financial cooperatives among informal sector employers, mutual support, making it easier for members to comply with the Fund’s requirements.

“Fostering coordination and collaboration between NSITF and other relevant stakeholders such as Sectoral Unions, industry associations, government agencies, and financial institutions can help create a supportive ecosystem that encourages registration and compliance.”

He also stated that the ultimate measure of the NSITF’s effectiveness lies in its ability to disburse benefits to eligible beneficiaries in a timely and efficient manner