NAICOM Moves to Deepen Regional Collaboration With Ghana Insurance Commission

Nigeria's National Insurance Commission (NAICOM) is actively pursuing strategies to boost insurance penetration and accessibility across the nation, with a strong focus on leveraging digital innovation. A key move in this direction was the granting of a Partnering Insurtech license to NETAPPS, a new firm expected to play a significant role in expanding Nigerians' access to insurance products.

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insurtech firms play a critical role within the Commission’s innovation and access agenda.

NAICOM's Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, outlined the commission's strategic priorities, which include safeguarding consumers, strengthening regulatory capabilities, ensuring financial stability, fostering innovation, and broadening access to insurance. He emphasized the critical role of insurtech firms like NETAPPS in achieving these goals, particularly in reaching underserved populations, including young people who are primarily mobile-first.

Omosehin highlighted the necessity of adopting technology-driven solutions and alternative distribution channels to address Nigeria's persistently low insurance penetration rate. He believes digital platforms can make insurance more affordable, inclusive, and accessible, thereby contributing to financial resilience and economic development.

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adopting technology-driven solutions and alternative distribution channels was essential to addressing Nigeria’s persistently low insurance penetration rate.

In a related development aimed at fostering regional growth, Omosehin hosted Dr. Abiba Zakariah, the Commissioner for Insurance of Ghana, for a working visit. This engagement marked a significant step toward deepening collaboration within the African insurance sector. Both commissioners discussed advancing cross-border cooperation in insurance innovation and reinforcing the industry's role in driving sustainable regional economic growth.

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He emphasised that meaningful poverty reduction across Africa remained unattainable without significantly increasing insurance penetration, which is essential for risk management, financial resilience, and inclusive growth.

Omosehin stressed that increasing insurance penetration is vital for poverty reduction across Africa, enabling better risk management and financial resilience. Zakariah, in response, affirmed Ghana's commitment to strengthening regional partnerships, noting that collaboration among African insurance regulators is key to unlocking innovation and expanding market access.

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prioritising collaboration among African insurance regulators was key to unlocking innovation, expanding market access