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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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Business

NHIA Tackles Drug Shortages, Care Delays

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The National Health Insurance Authority (NHIA) has said that it is addressing drug shortages and care delays via a multi-pronged strategy.

The Director General of NHIA, Dr. Kelechi Ohiri stated this at the Annual General Meeting of Nigeria Association of Insurance and Pension Editors (NAIPE) in Lagos.

Ohiri, who was represented by Deputy Director, Lagos Zone, Mrs. Aisha Abubakar Haruna noted that NHIA was formerly known as the National Health Insurance Scheme, NHIS.

He stated that the NHIA has expanded coverage to fistula patients, adding that the Fistula-Free Initiative and Financing CEmOC Services have collectively empowered over 7,500 women by May 2025.

The DG noted that 2,690 women have received life changing obstetric fistula repairs at 17 dedicated centres while 5,289 women benefited from emergency obstetric care at over 200 CEmOC facilities.

He highlighted the NHIA’s strategic interventions from 2024 to 2025, to include the revision of tariffs; resolving complaints; sanctioning non-compliant providers/HMOs; revising accreditation processes; as well as mandating a one-hour limit for care authorization code.

The NHIA boss said: “These interventions are helping to mitigate previous issues of medicine shortages, care denials/delays in issuing code, and provider payment delays.”

He further stated: “On cancer treatment initiative, an MOU was signed with ROCHE for a cost sharing payment for NHIA enrollees for cancer treatment medication. Apart from the initial five teaching hospitals that were selected to flag off the initiative, there has been a scale up for more facilities to provide financial access to NHIA cancer patients with NHIA/ROCHE sharing the cost.

The NHIA DG noted that from 2024 to 2025, NHIA has strategically intervened in the revision of tariffs, revising the accreditation processes and mandating one hour limit on care authorization while mitigating any previous issues for medicine shortages, denial, delay in issuing codes and provider payment delays.

He said: “A few years back, we upgraded to self-automated, but now we are fully automated on accreditation of NHI facilities, and I can assure you any facility that we ascertain to have met the standards will meet international standards. We use Safe Care tools, and everything is done online. You have over 100 questions on that platform, the tool that we use.

“We started an accreditation of over 192 facilities in Lagos. We are running accreditation, and we will soon be embarking on re-accreditation because we have upgraded the standard. We are going to carry out re-accreditation of these facilities to ensure that those that were initially accredited are still operating within the standard, or they can meet the current standard. For those who can not meet the standard, they will be asked to exit the platform.”

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PTAD To Enrol Pensioners On National Health Insurance Scheme

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Determined /to ensure the wellbeing of Nigerian pensioners, the Pension Transitional Arrangement Directorate (PTAD) said it has concluded plans with the National Health Insurance Authority to enroll pensioners for the National Health Insurance Scheme come 2026.

The Executive Secretary/CEO, PTAD, Mrs. Tolulope Odunaiya disclosed this in Lagos at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

PTAD Executive Secretary who was represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi highlighted the rationale behind the plan.

He said the plan to enrol pensioners for the National Health Insurance Scheme underscores the Directorate’s commitment to the welfare and wellbeing of the pensioners.

According to him, “For us in PTAD, we are always working to ensure the wellbeing of our pensioners, ensuring they are comfortable, and are well taken care of.

“We have started negotiating health insurance for our pensioners because we know that the age they are is when they need healthcare more than even we that are working. Retirement is when people need government support more than the person who is collecting money every month.

“We are working to ensure that by 2026, if not all, at least 90 per cent of PTAD pensioners will be enrolled in the National Health Insurance Scheme by the National Health Insurance Authority (NHIA).

“PTAD has continued to introduce various initiatives to enhance its efficiency and effectiveness. We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification. We schedule mobile confirmation for those who have done ‘I Am Alive’ Confirmation but later falls sick. We go there – from Lagos office, Kaduna office, our teams are always outside to ensure pensioners are taken care of and their matters are treated with utmost urgency.

“PTAD is doing everything within its powers to ensure that pensioners receive all their entitlements – from arrears to pension increment, and we are working assiduously for this. By 2026, all arrears and other entitlements will be part of our budget, and there will be no issues anymore concerning these. PTAD is presently in 13 states of the federation.”

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Universal Insurance To Unveil Enhanced Third Party Motor Insurance

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The Managing Director of Universal Insurance Plc, Dr. Jeff Duru has said that the company will soon launch its enhanced third party motor insurance cover for its customers and the general public.

He disclosed this in Lagos during the Annual General Meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE).

While speaking on the future plans of the company, Duru said: “Our upcoming products include our third party enhanced motor cover. We have an enhanced third party motor cover that is coming which will drive our third party initiative to carve a niche in the motor insurance segment of the market.

“We also have our mini comprehensive insurance package that will be digitized, which will enable everybody to key into motor insurance because some people still see the comprehensive motor insurance package as very expensive. So our mini comprehensive insurance package when it comes on board will enable you to buy insurance service and pay at your convenience. The package will enable you to pay to the extent that is affordable for you in terms of premium.”

The Universal Insurance Boss noted that the company had a rate assured policy that about to be brought on board.

According to him: “The Rate assured policy will enable property owners and tenants to have benefit of recovering their loss rate. Assuming there is a fire damage, flood or extra loss that resulted in the loss of your residence or your building, we will be able to oblige you to have alternative accommodation. This will give you the peace of mind and security to continue your life.

“This is what we preach, that customers should get the best, that the products should be accessible, they should be simplified and affordable. So both the mini comprehensive insurance cover and the enhanced third party insurance cover are all aligned with this initiative to make sure that the policies are affordable to the customer, accessible and simplified. He also noted that the products would be sent to the National Insurance Commission, (NAICOM), for approval as soon as they were ready for the public.

“Our team is fully charged. They understand what customer experience means. We will continue to maintain simplicity of our product, simplicity of our service delivery, simplicity of purpose, as well as unity and teamwork. We want to deliver excellent results.”

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