… NSITF MD, Seun Faleye, Drives Strategy for Inclusive Financial Protection

Lagos, Nigeria – Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, praised the Nigeria Social Insurance Trust Fund (NSITF) for its forward-thinking approach to include agency banking in the Employees Compensation Scheme (ECS). Abiru made these remarks at a stakeholder sensitization programme focused on advancing protections for workers in the agency banking and fintech sectors.

Represented by Prof. Uche Uwaleke, an esteemed Professor of Capital Market, Abiru expressed his support for the initiative during the event held on Monday in Lagos. Titled “Enhancing Agency Banking and Mobile Money Operators through Employees’ Compensation Scheme,” the programme gathered key industry players and highlighted the growing role of fintech and agency banking in fostering financial inclusion.

Abiru underscored the importance of the initiative, noting that agency banking serves as a vital link between Nigeria’s formal financial institutions and its unbanked or underserved populations. “Agency banking is not just pivotal for traditional workplaces but also holds special significance for the fast-evolving fintech sector, which is deeply embedded in the national economy,” Abiru remarked. He emphasized that extending ECS to cover agency banking operators under fintech companies represents a vital step in enhancing worker protections in the digital economy.

Seun Faleye, Managing Director of NSITF, is at the forefront of this strategy, pushing for a broader, inclusive safety net within the agency. Under his leadership, NSITF aims to bring informal sector workers under the ECS umbrella, recognizing the need for expanded coverage given Nigeria’s vast informal economy.

Senator Abiru further encouraged NSITF to continue expanding its scope, ensuring that informal workers—who make up a significant portion of the workforce—are safeguarded. “This move is essential because it not only improves workplace productivity but also provides workers with the assurance that their medical needs and family welfare will be supported if they face accidents on the job,” he said.

Faleye’s leadership aligns with NSITF’s commitment to empowering workers by extending social protection and creating awareness about available safety nets.

Collaborative Efforts for Financial Inclusion and Worker Protection
NSITF’s Regional Manager for the Lagos Mainland Office, Mrs. Agbonma Okorafor, also spoke at the event, highlighting the transformative role of agency banking and mobile money in driving financial inclusion. “By integrating ECS into these channels, we can ensure that workers across both formal and informal sectors can access the compensation and support they need,” Okorafor explained. The discussions at the event focused on practical strategies to strengthen partnerships and improve compensation accessibility through agency banking.

NSITF, under Faleye’s stewardship, remains dedicated to ensuring that workers across Nigeria can benefit from the protections offered by the ECS, fostering a safer, more inclusive economy.