Editor
Bank workers have commended the Nigeria Social Insurance Trust Fund (NSITF) for plans to expand the Employees’ Compensation Scheme (ECS) to the Agency Banking and Fintech industries.
National Union of Banks, Insurance and Financial Institutions (NUBIFIE) President Anthony Abakpa gave the commendation at a sensitisation workshop for stakeholders in the Agency Banking and Fintech industries on Saturday in Kano State.
Abakpa said that a growing collaboration between 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.
“The ECS, one of the nine contingencies making up the social security programmes is enunciated by the International Labour Organisation.
“Although, NSITF has made remarkable progress in implementing the scheme across the years, the foray into the Fintech industry is strategic and comes at the nick of time, “ he said.
The leader said that NSITF must brace up with the digitisation of its processes and procedures for a seamless implementation of the ECS in the fast growing Fintech and agency banking sector.
He said: “To get the informal sector employees and employers, especially the fintech industry, to register with the fund, the NSITF must utilise digital platforms and tools to simplify the registration process for informal sector employers.
“This can include online registration portals and mobile applications that make it easy for employers to register and manage the contributions.”
Abakpa called for the development of tailored solutions that addressed the specific needs and challenges of the fintech industry.
According to him, this include flexible contribution plans, customised communication, and support services that cater to the unique characteristics of fintech businesses.
He also called for the implementation of inclusive policies and programmes that encouraged the participation of informal sector employers.
According to him, this can involve providing incentives such as tax breaks, subsidies, or grants to employers who register with the fund.
“Also, 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.
“This can help create a supportive ecosystem that encourages registration and compliance, “ he said.
The union leader said also, that the ultimate measure of the NSITF’s effectiveness resided in its ability to disburse benefits to eligible beneficiaries in a timely and efficient manner.
Earlier in his keynote address the Managing Director, NSITF, Mr Oluwaseun Faleye, said that the bold initiative of the NSITF was in furtherance of its contributions to financial inclusion.
Faleye was represented by the General Manager, Informal Sector Department, Ms Chika Onyewuchi.
“By providing safer, more secure environment for agents , ECA 2010 indirectly supports Nigeria’s financial inclusion goals.
“The protection it offers can encourage more people to become agents in the Fintech and help banking providers expend their reach to the underserved areas in the remote parts of the nation.
“With the ECS, agency banking becomes a more attractive career option, capable of attracting skilled workers, assured that they will be covered in case of work related accidents, injury or health issues.
“This assists financial institutions draw a stable workforce of competent agents, “ Faleye said.
