NAICOM to deepen market expansion via micro-insurance scheme
Determined to drive the financial inclusion initiative of the Federal Government, the National Insurance Commission (NAICOM) has resolved to expand the Nigerian insurance market through a micro-insurance scheme by licensing new companies that would engage Nigerians at the grassroots across the country.
The Commissioner for Insurance, Sunday Thomas, gave the assurance in a paper delivered on ‘Engaging with critical groups to develop effective financial inclusion initiative’ at the inaugural conference of Oriental News Nigeria, held in Lagos.
He said: “Micro-insurance scheme is a way to safeguard property or business from any unforeseen event, and when it happens, whatever loss ensured against will be compensated to the policyholder.”
The commissioner, who was represented by the Deputy Director/Head of Corporate Communications and Market Development to the commission, Rasaq Salami, said the need to reposition the insurance industry to achieve maximum premium growth and meaningful contributions to the national Gross Domestic Product (GDP) has been a concern to the commission.
The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, who was represented by the Head, Financial Inclusion Division, Market Development Department SEC, Adatu Faruk, assured that with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians would be captured in financial systems.
Faruk said the commission has created new standards and rules for the registration and operations of fintech firms in the market to ensure compliance with global standards.
He maintained the licensed fintech companies would speedy financial inclusion as well as ensure adequate protection for investments.