The Nigeria Insurers Association (NIA) has urged stakeholders to work together to redeem the industry’s poor image.
The operators said such cooperation would enable them to maximise the untapped potential in the economy and raise confidence level.
This was disclosed during the 24th chairman investiture of the association in Lagos.
The NIA Chairman, Ganiyu Musa, unveiled a nine-point agenda, with the hope of taking the insurance industry to lofty heights.
According to him, the association is determined to work with relevant stakeholders to ensure the passage of the Consolidated Insurance Bill for the sector’s development.
He said, the organisation would work with stakeholders to address restrictive laws on insurance practice; work with partners such as the Financial Inclusion Secretariat to ensure greater insurance awareness to achieve seamless migration to IFRS 17.
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1. Background and Context:
Women’s Financial Inclusion is critical to supporting economic growth especially as economies struggle to recover from the global economic crisis brought about the Corona Virus Pandemic.
The journey towards achieving gender parity in financial inclusion in Nigeria commenced with the revision of the National Financial Inclusion in Nigeria in 2018 which identified 5 key focus groups to target interventions and policies in order to achieve the financial inclusion goal including; Women, Youth, MSMEs, Rural areas and Northern indigenes.
In 2016, Nigeria, along with other member countries of the Alliance for Financial Inclusion (AFI) committed to the Denarau Action Plan (DAP) which prescribes halving the global Financial Inclusion Gender Gap by 2021. The DAP outlines ten actions, one of which includes a specific commitment to consider and implement best practices in integrating policies for women’s financial inclusion and gender considerations within natio
Olumuyiwa Olowogboyega
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Digital lenders have always depended on data to make instant loan decisions. This year, startups are offering these lenders more data points
Access to credit is important in any economy because it is how households are able to build wealth and take advantage of opportunities. Being able to borrow money at affordable interest rates is one way you can take a chance on a business idea.
Beyond building wealth, access to credit is a safety net for households that experience economic shocks like job losses or ill health. Despite the importance of credit, data from the Financial Inclusion Secretariat shows that formal sector credit penetration as a ratio of the adult population in Nigeria was below 5.3% in 2017.
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LAGOS, Nigeria Enhancing Financial Innovation & Access (EFInA) launched a £2 million COVID Fund to support solutions that can mitigate the far-reaching impact of COVID-19 on low-income individuals/households and MSMEs in Nigeria. The fund will support financial service-enabled solutions that enable access to liquidity, healthcare, and food. This grant is funded by the UK Governmentâs Foreign, Commonwealth & Development Office (FCDO).
Announced during a webinar on December 8
th, the initiative recognizes how COVID-19 has affected businesses globally, torn down existing systems and supply chains, inhibited access to capital or markets due to restrictions, and left families struggling to make ends meet. Research conducted by EFInA and partners in Nigeria has found that many households are experiencing food insecurity, reduced income, and challenges accessing required health services; however, the widespread use of digital financial services can