BusinessDay

Micro insurance leeway to deepening penetration at grass root – NAICOM

The National Pension Commission (NAICOM) says its micro insurance scheme is the Commission’s leeway to deepening penetration at the grass root.

NAICOM also said that licencing of some companies to operate in that segment is focused on ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.

Sunday Olorunda Thomas gave the assurance at a conference in Lagos with the theme ‘Engaging With Critical Groups To Develop Effective Financial Inclusion Initiative’.

Represented at the conference by Rasaaq Salami, deputy director/head, Corporate Communications & Market Development at NAICOM, Thomas said that micro insurance provides the leeway to protecting your property, safeguarding your belongings from damages or loss and ensuring you do not suffer loss when the unexpected occurs.

It also safeguards traders or businesses of artisans and petty traders whenever their wares are destroyed, damaged or stolen.

“Micro insurance is a way of safeguarding your property or business from any unforeseen event, and when it happens, whatever loss you ensured against will be reimbursed you”.

Lamido Yuguda, director general of the Securities and Exchange Commission (SEC), on its part reiterated its commitments to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government.

Read also: Chart of the day: Leading insurance companies by net-worth (Nbillion)

He assured that with the help of the fast growing fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.

Represented at the conference by SA’ Adatu A Faruk, head, Financial Inclusion Division, Market Development Department SEC, said that the commission has created new standards and rules for registration and operations of Fintech firms in the market to ensure compliance with global standard and adequate protection of investments.

Yuguda therefore reassured that the licenced Fintech companies will further speedy financial inclusion policy of the federal government, as well as ensuring adequate protection for their financial/ investment transactions.

Rotimi Olubi, managing director, CEO ARM Securities Limited, representing Mallam Kurfi, in his presentation said that the government is recording remarkable progress in the financial inclusion target, adding more hands are on deck to ensure that economic advantage of the country’s large population translates to financial benefits to the people and institutions.

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