Politics
THE Managing Director of the Nigeria Social Insurance Trust Fund, NSITF, Oluwaseun Faleye, has said Employees’ Compensation Scheme, ECS narrows inequality through social protection must be embraced by all players in the informal sector.
The Managing Director equally explains that the ECS allows employers to transfer risk to the NSITF, which handles compensation claims and payouts.
In a statement by the Fund’s General Manager, Corporate Affairs, Nwachukwu Godson, said Mr Faleye spoke while presenting a keynote address at a sensitization workshop for stakeholders in the Agency Banking and Fintech industries organized by the NSITF.
Represented by the General Manager, Informal Sector Department of the agency, Chika Onyewuchi, the Managing Director said “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.”
Further discussing the numerous benefits of the scheme to the industries’ stakeholders, Onyewuchi said, “Many banking agents travel frequently to provide services to customers in various locations. The ECS covers commuting accidents, ensuring that agents who experience accidents while travelling to or from their service locations receive compensation and support.
“By enrolling in the ECS agency banking providers can reduce their legal liability related to workplace accidents and illnesses. The scheme allows employers to transfer risk to the NSITF, which handles compensation claims and payouts, thereby saving banks and agents from potential legal battles and associated costs.”
She hence argued that to mitigate financial vulnerability, low productivity and bridge the gap between the formal and informal sector, the ECS which narrows inequality through social protection must be embraced by all players in the informal sector.
Other stakeholders at the event included the Kano State Chairman of the Nigeria Labour Congress, NLC, Anwali Yaksse, General Secretary NUBIFIE, Mohammed Sheik, Chairman of AMBO, Odetunde Lukman and AMON President, Salihu Umar as well as representatives from the Agent Banking and FINTECH including Zenith Bank, Fidelity, ECO, GTB, Moniepoint as well as Point of Sales Operators among others.
Also speaking, President of the National Union of Banks, Insurance and Financial Institutions Employees, NUBIFIE, Anthony Abakpa, among others, noted 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.
While affirming that the NSITF has successfully provided compensation to many workers, he however lamented that cases of delays, bureaucratic red tape, as well as inadequate communication have impeded the process, leading to dissatisfaction.
He, however, expressed happiness that the new management of the Fund was already addressing the situation.
A.I
Nov. 18, 2024
Tags: NSITF Oluwaseun Faleye
