The Nigeria Social Insurance Trust Fund and South Africa’s Rand Mutual Assurance have signed a memorandum of understanding to strengthen cooperation in social insurance administration and technical development.

NSITF’s managing director, Oluwaseun Faleye, said this at the signing of the agreement on Thursday in Abuja, concluding a three-day strategic technical engagement and bilateral sessions.

Mr Faleye said the agreement was a significant milestone in advancing social protection systems across Africa. He said the MoU reflected the commitment of both organisations to knowledge sharing, institutional strengthening and the adoption of global best practices.

“This agreement represents our shared commitment to fostering cooperation and knowledge exchange for the advancement of social insurance administration and employee compensation systems,” Mr Faleye said.

According to him, the partnership will provide opportunities for technical exchanges and capacity-building initiatives to improve service delivery and strengthen institutional effectiveness.

“We believe that collaboration remains essential to building resilient social protection systems capable of meeting the evolving needs of workers and employers,” he said.

Mr Faleye said both institutions would work together in areas including occupational health and safety, rehabilitation programmes, claims administration, actuarial modelling and digital transformation.

He noted that the agreement would also facilitate the exchange of technical information, research materials and best-practice frameworks in line with applicable regulations.

“The establishment of a Joint Technical Working Group will ensure that this partnership translates into practical and measurable outcomes for both organisations,” added Mr Faleye.

The NSITF boss said the Fund remained committed to strengthening the Employees’ Compensation Scheme through innovation, institutional partnerships and continuous improvement of its operations.

Mr Faleye expressed confidence that the collaboration would contribute to safer workplaces, improved compensation systems and enhanced social security administration across the continent.

RMA’s CEO, Bilal Adams, said the partnership reflected a shared vision to strengthen workplace protection and social insurance systems.

Mr Adams said the technical engagements had provided a platform for both institutions to exchange experiences and identify areas of mutual interest.

“This collaboration offers an important opportunity for both organisations to learn from one another and develop solutions that improve outcomes for workers,” he said.

According to Mr Adams, RMA remains committed to supporting initiatives that promote occupational safety, rehabilitation and effective compensation management.

Mr Adams also mentioned that the agreement would provide a framework for future engagements and collaborative programmes between the two institutions.

The MoU provides for cooperation in technical exchanges, research, capacity building, injury prevention programmes and technology benchmarking. It also provides for the joint exploration of prevention and incentive-based models that could support the implementation of Nigeria’s Employees’ Compensation Scheme, among other areas.

(NAN)