KEY POINTS
- FG begins moves to give insurance protection to uninsured Nigerians.
- Its main focus is to increase access to affordable and customized insurance products.
- Mobile insurance purchases and also blockchain Integration are new proposals.
The Federal Government to reduce the number of uninsured citizens has launched an initiative that will provide financial protection for millions of people entitled to cover.
The goal is the first major push to transform the nation’s insurance landscape by providing insurance to many more Nigerians.
The top financial and insurance regulators on Friday announced at a roundtable meeting the initiative for the future of Nigeria’s insurance sector.
Economic growth driven by access to insurance
Deputy Chief of Staff to the President (Office of the Vice President) Senator Ibrahim Hadejia observed that the ability of the economy to withstand shocks is dependent on financial inclusion through insurance.
‘We cannot build a resilient economy if millions of our citizens are financially exposed,’ he said. Therefore, access to insurance, as a means of financial inclusion, is the critical driver that will enable Nigeria to reach its sustainable economic growth pathway.”
Through this initiative, the goal is to increase insurance access by providing specialised, affordable products to all citizens, specifically including the financially vulnerable.
Innovative solutions for collaborative efforts
Dr. Nurudeen Zauro, a Technical Advisor to the President on Economic and Financial Inclusion, also said the initiative has received support from major institutions like the Nigeria Insurance Association and the Central Bank of Nigeria.
The roundtable meeting proposes empowering the purchase of insurance via mobile phone airtime, creating micro insurance products for low income groups and using blockchain technology for insurance services.
Accordin to The Punch, the government has set up a monitoring framework, controlling smallholder farmers’ risks, involving a focus on partnerships with the private sector and innovative insurance solutions.