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NAICOM Reaffirms Commitment to Insurance Sector Growth Through Technology 

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The National Insurance Commission (NAICOM) has reaffirmed its commitment for an enabling environment to enhance the growth and development of the insurance industry.

The Commissioner for Insurance, Mr Sunday Thomas, said this at the United Capital Securities Ltd. CEO Roundtable Breakfast Forum sponsored by the United Capital Plc on Thursday in Lagos.

The theme for the 2023 roundtable is: “Technology as a Critical Driver of Growth and Transformation in the Nigerian Insurance Landscape.

Thomas said the commission would continue to focus on deployment of technology to increase access to insurance products across the country.

“As a regulator, we need to really push our technology so that people can get to know not only from the point of servicing; also creative thinking is key.

“In deployment of technology in the insurance sector, the regulator has the responsibility of awareness creation, standard setting, the government has to provide the infrastructure, education is very central,” he said.

According to him, technology is key for insurance growth and development.

Thomas said the commission was moving beyond compliance to developmental processes that would transform the sector.

He said education was key in driving technology to boost economic growth and development.

“Our payment system as advanced as it is, is still epileptic, infrastructure is key to driving technogy before the capacity the technology can bring to the economy can be explored.

“We have the responsibility of creating an enabling environment for the insurance sector to grow.

“We set the minimum operating standard for technology in the industry years ago, that’s why some of our initiatives are compelling operators to align with technology,” Thomas said.

“Today, you cannot bring your papers to the commisison to say that you want to renew, nobody will take it from you, you have to go back to your office, and upload those documents and you will be ready to print your certificate from your office.

“When we started this portal, people will first of all resistant, information is no longer secret, you are now open to the world. We have quality control in the IT department,” he said.

He also stressed the need for awareness creation to boost insurance penetration across the country.

“The insurance sector is not yet where it’s expected to be, deployment of technology through awareness creation is key to boost penetration,” Thomas added.

Earlier, the Group Chief Executive Officer, United Capital Plc, Mr Peter Ashade, in an opening address said the group would continue to be very strong in the market.

Ashade said the group recently introduced a digital banking arm, which was not there years ago.

“We are very delighted as a group to be hosting today’s breakfast meeting.

“It’s with great pleasure that I welcome everyone to this second edition where we believe on conversation that will drag the next phase of growth in insurance sector,” he said.

Ashade said change was very important for the growth and development of any sector.

He said insurance contribution to the Gross Domestic Product currently at less than two per cent would improve in no distant time with technology.

“Insurance sector will be a very strong and vibrant sector to reckon with in Nigerian financial services sector in no distant time,” he said.

Ashade said the group would continue to drive the pillars of growth in the insurance sector.

“Shift in climate condition, technology infrastructure, workforce and customer expectation combined with microeconomy and geo-political volatility are pushing organisations across the globe to change the way they conduct businesses and transform to a more customer-centric model.

“Insurance industry is no exception, the traditional boundaries and limitations that once defined the sector is shifting and giving us the unique opportunity to reshape, rethink and redefine the future of insurance sector.

“It is, therefore, a very good thing for us as we are at the transition stage into technology investment methodology from a mere infrastructure driven approach with value driven model.

“Over the last few years, we have witnessed remarkable changes from the adoption of Artificial Intelligence for underwriting and claims, processing and use of big data analystics for risk assessment.

“It is clear that technology is not just an enabler any longer but a catalyst for growth, efficiency and improved customer experience.

“Our goal for 2023 and beyond for Nigerian insurance space, should be to fully harness the benefits of our technology investment and make insurance increasingly agile, innovation and customer-centric,” Ashade said.

Mr Ayokunle Olubunmi, the Head, Financial Institutions Ratings at Agusto and Co, tasked the insurance industry to embrace technology to increase the retail market noting that insurance penetration was still very low.

Olubunmi noted that the industry was highly conservative in technology adoption.

“Technology is seen as important and not necessary with focus on corporate clients,” he said.

Olubunmi spoke on the topic: ” The Role of Technology in Taking the Insurance Industry to the Next Phase.” (NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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