The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has raised alarm over the growing rate of casualisation in Nigeria’s banking and financial sector, describing it as a major threat to the country’s economic stability.
ASSBIFI President, Mr. Olusoji Oluwole, spoke at the annual conference of the Labour Correspondents Association of Nigeria, where he presented a paper titled “Casualisation in Banking and Financial Institutions.”
He revealed that about 60 per cent of the operational workforce in Nigerian banks are now contract staff, warning that the trend has led to wage disparity, lack of career progression, limited access to benefits, and widespread job insecurity.
“It is reported today that about 60 per cent of bank workers are on contract,” Oluwole said. “These employees experience indignity and insecurity, and prolonged casual status often leads to psychological and health strain, including depression.”
He cautioned that beyond the human cost, casualisation exposes employers and the financial system to operational risks. “Fraud, espionage, loss of institutional skills, and productivity decline are some of the risks associated with casualisation,” he said.
To address the issue, Oluwole called for stronger regulatory enforcement of contract employment standards, full implementation of career development guidelines, and a comprehensive review of the Labour Act to reflect current workplace realities.
He commended the Federal Ministry of Labour for efforts to improve employment standards and acknowledged employers who have introduced career development pathways for contract workers.
Casualisation in the financial sector has long drawn criticism for deepening job insecurity and undermining workers’ rights. Labour advocates have consistently urged government action to better protect casual employees.
A former ASSBIFI president, Mrs. Oyinkansola Olasanoye, previously proposed creating a regulated career path for contract workers under the supervision of the Federal Ministry of Labour.
