NSITF extends employees’ compensation to agency banks, fintechs

The Nigeria Social Insurance Trust Fund (NSITF) has taken steps to extend the Employees Compensation Scheme (ECS) to employees of agency banking and mobile money operators in the country.

The fund staged a Stakeholders’ Sensitisation Session on the Implementation of the Employees Compensation Scheme in the FINTECH Industry in Lagos.

Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Adetokunbo Abiru, lauded the move by the NSITF to extend protection to employees in these industries.

Represented by a Professor of Capital Market, Uche Uwaleke, the senator said the theme of the event: “Enhancing Agency Banking and Mobile Money Operators through Employees’ Compensation Scheme,” was timely as it was essential to deepen the social protection coverage within Nigeria’s dynamic digital finance sector.

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He said, “Today’s session is particularly significant, as it seeks to focus on ensuring that Agency Banking Operators in the employ of various FINTECH companies are covered under the Employees Compensation Scheme 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.

“Agency banking has emerged as a crucial component of financial inclusion in Nigeria. It bridges the gap for underserved and unbanked populations, making financial services accessible. As fintech continues to reshape Nigeria’s economy, extending employee welfare to this workforce is not just timely; it’s necessary.

“Indeed, the importance of employee compensation schemes cannot be overstated. They are vital not only for ensuring the well-being of workers but also for maintaining productivity in the face of occupational hazards.

“Workers who feel secure in their workplace, knowing that their rights and safety are guaranteed, are likely to be more productive and motivated. Compensation schemes also help to minimize financial losses for both employers and employees in the event of accidents or injuries, creating a more stable economic environment.”

NSITF’s General Manager for the Informal Sector, Chikamadu Onyewuchi said, “This programme has been set up to create awareness and engage agency banking operators, POS operators, association of mobile banking operators so that we can extend the safety net to the informal sector.”