Sen. Adetokunbo Abiru, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, has lauded Nigeria Social Insurance Trust Fund (NSITF) for plans to accommodate agency banking in Employees Compensation Scheme (ECS).
Abiru made the commendation at a sensitisation programme for stakeholders in agency banking and fintech industry.
The event held on Monday in Lagos.
Abiru was represented by a Professor of Capital Market, Prof. Uche Uwaleke.
The programme had the theme: “Enhancing Agency Banking and Mobile Money Operators through Employees’ Compensation Scheme”.
The senator said that agency banking had become a cornerstone of financial inclusion in Nigeria, bridging the gap between formal financial institutions and underserved or unbanked populations.
He said that the initiative was vital not only for traditional workplaces but also for the rapidly-evolving fintech sector which had become an integral part of the nation’s economy.
“Today’s session is particularly significant and seeks to focus on ensuring that agency banking operators in the employ of various fintech companies are covered under the ECS by their respective employers.
“This step underscores the growing importance of employee welfare in the digital economy and sends a strong signal about the shared responsibility we must all uphold to protect workers’ rights and dignity,’’ he said.
Abiru urged the NSITF to further expand its coverage by including more informal sector workers.
According to him, it is a move that is crucial, given the large informal economy in Nigeria.
“Additionally, increasing public awareness and improving compliance with the ECS will help to ensure that more workers across various industries benefit from this vital protection,’’ he said.
Also, NSITF General Manager, Informal Sector, Mr Chikamadu Onyewuchi, said it was important for employees to key into the ECS.
According to her, employees who get injured in the course of work or work-related activities automatically get compensated under the scheme.
“They are taken care of. What this does is that it helps to enhance productivity in the workplace.
“This is because the average workers are sure that if something actually happens to them while they are carrying out their daily duties, their families will be protected, their medical bills will be taken care of.
“What we are doing is creating the awareness, engaging the key stakeholders so we actually sit down and start to extend the safety net and social protection to the informal sector, “ Onyewuchi said.
In her remarks, the NSITF Regional Manager, Lagos Mainland Office, Mrs Agbonma Okorafor, said that agency banking and mobile money services were playing a transformative role in
financial inclusion across Nigeria.
Okorafor said: “By integrating the ECS into these channels, we can ensure that workers in both the formal and informal sectors can access compensation and support more efficiently.
“Today’s discussions will focus on practical strategies to enhance these partnerships.”
She said NSITF was determined to ensure that workers nationwide would benefit from the protections provided by the ECS.
