The Nigeria Social Insurance Trust Fund (NSITF) is enhancing the security and welfare of informal sector workers by integrating Agency Banking Operators and FinTech companies into its Employees Compensation Scheme (ECS). During a recent stakeholders’ session, NSITF’s Regional Manager, Mrs. Agbonma Okoroafor, highlighted the critical role of protecting employees in the technology-driven financial services sector, which is essential for the industry’s growth and success.
Benefits of the ECS, detailed by Mrs. Chikamadu Onyewuchi from NSITF’s Informal Sector Department, include improved worker security, productivity, and job attractiveness. Senator Mukhail Abiru emphasized the unique risks faced by agency banking operators, reinforcing the necessity of their inclusion in the ECS to foster a safer working environment and enhance employee morale and retention.
The NSITF also underscored the importance of raising public awareness and compliance with the ECS to meet international standards. By expanding coverage to more informal sector workers, NSITF aims to address Nigeria’s significant informal economy and promote financial inclusion, ultimately benefiting underserved populations and bridging the gaps between formal and informal financial systems.
