The success of the Nigeria Social Insurance Trust Fund, (NSITF), and that of its Employees’ Compensation Scheme (ECS), depends a lot on collaboration with financial institutions, labour unions, governments, and other stakeholders.
The Managing Director and Chief Executive of NSITF, Barrister Oluwaseun Faleye made this known on Friday in Lagos at the 12th Triennial Delegates Conference of the Association of Senior Staff of Banks, Insurance, and other Financial Institutions, (ASSBIFI).
Speaking on the topic , “The Benefits of NSITF to The Nigerian Worker and The Roles of Financial Institutions in The Success of the Fund,” Barrister Faleye said financial institutions “touch every employer, every employee, every organisation.”
“Your system drives compliance, accountability, and efficiency. And your partnership can determine how widely, how quickly, and how successfully NSITF can deliver support to workers.”
The MD went on to enumerate specific ways financial institutions could help facilitate the Fund’s service delivery to include: driving global compliance with ECS through; support for digital transformation; ensuring faster and real time compensation payments; and building a culture of security awareness.
The NSITF MD had earlier taken the gathering through a list of services provided by the Fund under the ECS. He said the Fund “takes care of injured workers from the moment injury occurs, pays compensation to disabled workers and to families in case of fatality, restrains, and empowers disabled workers under the rehabilitation and return-to-work programme, and works in preventing work related hazards.”
“We live in a time when economic pressure threatens the dignity of labour. The worst thing that can happen to a worker is to face injury or occupational disease alone without support. NSITF ensures the worker doesn’t walk alone. We are the bridge over sudden hardship, the quiet engine of social protection, and a critical pillar in the national labour ecosystem,” Faleye emphasized.
He therefore called for partnership between NSITF and labour unions, financial institutions, employers, and governments saying, “This is not the time for silence. fragmentation and complancency. It is time for stronger alliance among stakeholders.
The Conference with the theme, “Solidarity in Action: Building Workers’ Power and confronting Hardship.” had delegates from all ASSBIFI chapters and stakeholders in the sector in attendance.
