Banks, insurance companies and other financial institutions may face mandatory decent-work compliance requirements under corporate governance rules, as the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) seeks regulatory action to strengthen protections for workers in the sector.

The union called on the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM) and other regulatory agencies to make compliance with decent-work standards a mandatory corporate governance requirement for financial institutions.

Acting National President of ASSBIFI, Fanimokun Adesina, made the demand at the association’s 2026 World Day for Decent Work celebration.

Adesina said the demand had become necessary as artificial intelligence, digitalisation, automation, platform work, algorithmic management and outsourcing rapidly transform employment in the banking, insurance and financial services sectors.

According to him, the sector has witnessed significant displacement of permanent employment by casual, contract and third-party outsourced jobs, with many graduates and professionally qualified workers employed without pension, health insurance, job security or collective bargaining rights.

He said some workers were also compelled to surrender their freedom of association rights before or during employment.

Adesina urged the CBN, NAICOM and other regulators to ensure that financial institutions treat decent work as part of their corporate governance responsibilities rather than as a voluntary workplace practice.

He said employers must respect workers’ constitutional and international rights to freedom of association and collective bargaining, citing International Labour Organisation (ILO) Conventions 87 and 98.

Supporting the need to adapt labour regulation to changing workplace realities, the Zonal Director, Southwest and State Controller, Federal Ministry of Labour and Employment, Mienye Badejo, said the government would work with stakeholders to review existing labour laws.

Badejo said the review had become necessary as technological changes and evolving workplace practices continued to reshape employment, particularly in the banking and insurance industries.

She said the ministry would liaise with critical stakeholders and push for the review of relevant labour laws to make them more compatible with emerging hybrid and flexible working arrangements.

Badejo said the changing nature of work required stronger labour protections capable of responding to new forms of employment without compromising workers’ rights and welfare.

She also called for greater consultation among government, employers and workers, saying mutual trust, fairness and respect remained essential to resolving challenges arising from changes in the world of work.

According to her, the tripartite approach should remain the basis for addressing labour challenges as industries adjust to technological changes, restructuring and new working arrangements.

Badejo urged employers and workers in the financial sector to ensure that the post-recapitalisation era produced not only stronger banks and insurance companies, but also stronger careers and better prospects for young workers.

She said the transition should not come at the expense of job security, fair wages, career development and respect for workers.

Adesina also called for an urgent review of the Trade Union Act to prevent employers from exploiting its voluntarism provision to intimidate or discourage workers from joining trade unions.

He demanded the ratification of ILO Convention 158 on termination of employment, saying its principles had already been recognised and applied by Nigerian courts in labour disputes.

The ASSBIFI leader further called for the immediate renewal of the ASSBIFI Sector-Wide Collective Bargaining Agreement, which he said had been due since 2007.

He alleged that efforts to renew the agreement had been frustrated by employers and management in the sector.

The union also demanded the restoration of gratuity payments to deserving employees, arguing that the withdrawal of such benefits by organised private-sector employers following government directives was unjustified.

On the rising cost of living, Adesina urged the Federal Government to take urgent measures to reduce the cost of food, transportation, healthcare, housing and education.

He described the N70,000 national minimum wage as inadequate to guarantee a decent living, saying workers were increasingly unable to meet basic household needs.