August 9, 2022

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NAICOM to deepen market enlargement by way of micro – insurance coverage scheme


Decided to drive the monetary inclusion initiative of the federal authorities, the Nationwide Insurance coverage Fee (NAICOM) has resolved to broaden the Nigerian insurance coverage market via a micro-insurance scheme by licensing new firms that might interact Nigerians on the grassroots throughout the nation.

The Commissioner for Insurance coverage and Chief Government officer of NAICOM, Sunday Thomas, gave the peace of mind in a paper delivered on ‘Participating with essential teams to develop efficient monetary inclusion initiative’ on the inaugural convention of Oriental Information Nigeria, held in Lagos.

He stated: “Micro-insurance scheme is a approach to safeguard property or enterprise from any unexpected occasion, and when it occurs, no matter loss ensured towards will likely be compensated to the policyholder.”

The commissioner, who was represented by the Deputy Director/Head of Company Communications and Market Improvement to the fee, Rasaq Salami, stated the necessity to reposition the insurance coverage business to realize most premium development and significant contributions to the nationwide Gross Home Product (GDP) has been a priority to the fee.

The Director-Normal of the Securities and Trade Fee (SEC), Lamido Yuguda, who was represented by the Head, Monetary Inclusion Division, Market Improvement Division SEC, Adatu Faruk, assured that with the assistance of the fast-growing fintech penetration within the financial system and monetary methods, extra Nigerians can be captured in monetary methods.

Faruk stated the fee has created new requirements and guidelines for the registration and operations of fintech companies out there to make sure compliance with world requirements.

He maintained the licensed fintech firms would speedy monetary inclusion in addition to guarantee sufficient safety for investments.

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