NAICOM, NCGC partner to boost MSMEs’ access to finance
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Blessing Chuks Okonta
The National Insurance Commission (NAICOM) and the National Credit Guaranty Company (NCGC) have moved to strengthen their partnership aimed at unlocking critical financing for Micro, Small, and Medium Enterprises (MSMEs), local manufacturers, and consumer credit customers across Nigeria.
The commitment was reaffirmed when the Commissioner for Insurance, Olusegun Ayo Omosehin, received the management of NCGC during a courtesy visit to the Commission’s headquarters on February 27, 2026.
Speaking during the visit, the Managing Director of NCGC, Bonoventure Okhaimo, introduced the company as a private limited entity licensed by the Central Bank of Nigeria (CBN) in August 2025. He noted that the NCGC was established to catalyze finance through:
Innovative partial credit guarantees.
Adherence to governance best practices.
Technology-enabled processes.
Okhaimo highlighted two primary products—the National Individual Guarantee and the Portfolio Guarantee—which are specifically designed to de-risk lending and stimulate credit flow to underserved sectors.
“Our goal is to bridge the gap between credit guarantors, banks, insurers, and regulators to mobilize capital, protect lenders, and accelerate inclusive economic growth,” Okhaimo stated.
The NCGC boss further advocated for a structured platform where insurers and credit guarantee stakeholders can engage directly. This synergy, he noted, would allow for:
Exploration of syndication and reinsurance solutions.
Increased sectoral trust.
Improved market uptake of credit products.
NAICOM’s Stance
In his response, the Commissioner for Insurance, Olusegun Ayo Omosehin, welcomed the initiative, noting that the collaboration aligns with the Commission’s interest in financial inclusion. He expressed NAICOM’s readiness to support frameworks that expand financial access for local manufacturers and small businesses, ultimately driving national economic stability.
