Workers’ Protection: NSITF Seeks Stronger Partnership with Financial Institutions

By Chinedu Echianu

The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye, has emphasised the pivotal role of financial institutions in enhancing workers’ social protection across Nigeria.

Faleye made the remarks at the 12th Triennial Delegates Conference of the Association of Senior Staff of Banks, Insurance, and Other Financial Institutions (ASSBIFI) in Lagos, speaking on “The Benefits of NSITF to the Nigerian Worker and the Roles of Financial Institutions in the Success of the Fund.”

He highlighted that the success of the NSITF and the Employees’ Compensation Scheme (ECS) relies on collaboration with financial institutions, labour unions, government agencies, and other stakeholders.

“Financial institutions touch every employer, every employee, every organisation,” Faleye said. “Your systems drive compliance, accountability, and efficiency. Your partnership determines how widely, quickly, and successfully NSITF can deliver support to workers.”

Faleye outlined specific areas where financial institutions can support the Fund, including promoting nationwide ECS compliance, enabling digital transformation, facilitating faster compensation payments, and strengthening security awareness in the sector.

Under the ECS, the NSITF provides support for workers affected by occupational injuries or diseases, including compensation for disability or fatalities, rehabilitation and empowerment through return-to-work programmes, and preventive measures against workplace hazards.

He warned that economic pressures continue to threaten workers’ welfare and dignity. “The worst thing that can happen to a worker is to face injury or occupational disease alone,” Faleye said. “NSITF ensures the worker doesn’t walk alone. We are the bridge over sudden hardship and a critical pillar in the national labour ecosystem.”

The NSITF chief called for deeper collaboration among financial institutions, employers, labour unions, and other stakeholders to tackle challenges confronting workers. “This is not the time for silence, fragmentation, or complacency. It is time for stronger alliances,” he added.

The conference, themed “Solidarity in Action: Building Workers’ Power and Confronting Hardship,” brought together delegates from ASSBIFI chapters nationwide and key financial sector stakeholders.