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NAICOM Urges Nigerians To Embrace Micro Insurance

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By Sola Alabadan

The Commissioner for Insurance, Mr Sunday Thomas, said that the licensing of micro insurance is aimed at ensuring that Nigerians at the grassroots level are not left out of the budding Nigerian financial enterprise.
The assurance was given at the inaugural conference of Oriental News Nigeria with theme “Engaging with critical groups to develop effective financial inclusion initiative” held on Thursday in Lagos.
Represented at the conference by Rasaaq Salami, Deputy Director/Head Corporate Communications & market Development, 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 damage or loss 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 insured against will be reimbursed you” he stated.
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.
The SEC assured that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.
Director General of SEC, Lamido Yuguda 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, the SEC DG 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.
The SEC DG reassured that the licensed Fintech companies will further speedy financial inclusion policy of the federal government, as well as ensuring adequate protection for their financial/ investment transactions.

In a similar vein, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Dambatta, reiterated that the best approach towards benefitting from globalised digital economy is to be financially inclusive.
Dambatta, who was represented by Mrs Freda Ruth Bruce-Bennet, Deputy Director , Digital Economic Department, NCC stated that the NCC in it pursuit to ensure that more Nigerians are included financially, is committed to training and retraining of youths IT experts, Hackathons, and establishing Hubs across the country to ensure steady and speedy expansion of financial inclusion policy to benefit every strata of the society.
The EVC, said that without effective skills committed to driving the process, digitalisation of the through the financial services ecosystem would have been retarded.
Executive Director, Centre for Citizens with Disability (CCD) David O. Anyaele, however, called on the federal government as well as the Central Bank of Nigeria (CBN) to expand the nation’s financial inclusion policy to include provisioning for the disabled people in the society.
He bemoaned the sustained lack of considerations for the disabled in the Nigerian financial system through different kinds of neglect and rights denials.
Anyaele stated that audit of bank branches across the country showed the total absence or lack of access and convenience facilities for the disabled.
He admonished prevailing attitudes of the financial systems against the disabled, describing it as major institutional barrier to financial inclusion
The conference Chairman, Dr Uju Ogubunka, CEO Bank Customers Association of Nigeria, in his address stated that the financial inclusion policy of the federal government which commenced in 2012 is geared towards ensuring that no Nigerian is short changed in its financial intermediations policies and economic development plans.
Ogubunka said that the government then out of the 84 percent financially excluded population, targeted to achieve 20 percent financial inclusion by year 2020.
“The adult population has now increased above 84 percent and the un banked population has also increased remarkably. If the people are outside the financial system, the economy will not develop” Ogubunka stated.
He explained that financial inclusion commences with opening bank account, which factors in the account holder towards benefiting from all forms of government’s financial support as the account drives all other transactions of the account holder.
Also, to have insurance policy, investment accounts in the capital market, pension account and all forms of life and business enabling transactions driven only by the nation’s financial system, you need to be financially included, he stressed.
The guest speaker, Mallam Garba Kurfi, Managing Director APT Securities and Funds Limited buttressed that financial inclusion policy of the government helps to ensures that funds that could have been deployed for entrepreneurial initiatives don’t end up in cupboards at homes.

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IMT 2025 Edition Names Former McKinsey Partner As Speaker

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By Sola Alabadan

The fourth edition of Insurance Meets Tech (IMT), a conference focusing on the convergence of insurance and technology, is scheduled to hold on September 11 in Lagos.
With the theme, “Innovating for the New Trybe,” IMT 4.0 will convene stakeholders across the financial, tech, and creative ecosystems, redefining how insurance meets digital innovation, lifestyle, and Africa’s future economy. This year’s edition will once again deliver a powerful dual-experience format:
IMT 4.0, the flagship C-suite and policy-focused discourse
IMT Redefined 2.0, the youth-forward segment exploring the convergence of insurance, culture, and innovation.
The 2025 headline speaker is Per Lagerström, a global thought leader, an insurtech innovator, financial expert, and entrepreneur with over 30 years of experience across financial services, technology, FMCG, and strategy consulting. A former Partner at McKinsey & Company, he founded BehaviorTech, a groundbreaking field that merges behavioural science, AI, and innovation to deliver transformative outcomes for people, businesses, and society.
As CEO of Yellowspot, an Ireland-based venture studio, he leads the development of disruptive ventures focused on financial planning, education, longevity, and human-centred digital transformation. Known for navigating complexity with clarity, Per has advised boards and executives across Europe, Africa, and the Americas. His work is driven by an unrelenting passion for unlocking potential at the intersection of science, technology, and human insight.
Odion Aleobua, Convener of IMT and CEO of Modion Communications, expressed his delight ahead of the event. “We are incredibly honoured to welcome Per Lagerström to Lagos, Nigeria for IMT 4.0. His experience at the cutting edge of behaviour-tech research, an astute financial guru and huge insight into insurtech innovation align with the conversations we drive at this year’s conference. IMT is about the future of protection for a new generation, and we are convening voices and celebrating ideas that matter.”
IMT 4.0 will also continue to explore the role of predictive technology, embedded insurance, disruptive underwriting, and inclusive innovation. With engaging panels, immersive workshops, product demos, and youth-led showcases, the event promises actionable insights and bold ideas for building relevance in a shifting risk landscape.
Commenting, Per Lagerström stated, “Financial services are undergoing rapid and fundamental change, driven by AI inflection and BehaviorTech advances, blurring industry boundaries and shifting consumer behaviours. The result places incumbent business models under tremendous pressure and create unrivaled opportunities for growth and value creation. I am excited to join the year’s edition of IMT to unpack the forces at work and share my playbook for navigating these extraordinary times.”
IMT 4.0 proudly announces an early strategic partner powering this year’s event. CubeCover, one of Nigeria’s leading insurtech and microinsurance providers, comes aboard as a proud Gold Sponsor, racing ahead as early co-travelers for this year’s edition.
To register for IMT 2025, visit www.insurancemeetstech.com. For inquiries, contact Odion at +234 902 222 2226.
About Insurance Meets Tech (IMT)
The Insurance Meets Tech (IMT) Conference is one of West Africa’s leading platforms for exploring the future of insurance through the lens of technology, innovation, and culture.
In its fourth year, IMT offers a robust, multi-stakeholder, two-pronged experience featuring IMT 4.0, focused on C-suite insights, and IMT Redefined, a dynamic youth engagement segment inspired by innovation, lifestyle and creativity. IMT is curated by Modion Communications, one of Africa’s most celebrated young Public Relations consultancies.

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SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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