NAICOM seeks revamp of NFIS to capture current realities

From left: President, Guild of Corporate Online Publishers (GOCOP) Ms. Maureen Chigbo; The Head of Investment and Research Parthian, Seun Dosunmu representing the Group CEO of Parthian, Oluseye Olusoga; the Director, Registration, Exchange, Market Infrastructure and Innovation Department, Securities and Exchange Commission (SEC) Mr Abdulkadir Abbas representing the Director General of SEC, Dr Lamido Yuguda, Publisher/CEO of SUPERNEWS Nigeria, Ms. Ngozi Onyeakusi, Business Development Premium Pension Adedayo Quadri representing the Managing Director Umar Sanda Mairami, Managing Director Tangerine General Insurance, Mayuwa Adeduro and Deputy director National Insurance Commission (NAICOM ) Ajibola Bankole representing the Commissioner for Insurance Sunday Thomas during SUPERNEWS Fintech 23 Conference in Lagos

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Chuks Udo Okonta

National Insurance Commission (NAICOM) has called for a revamp of National Financial Inclusion Strategy (NFIS) to capture current realities and come up with new strategies to navigate through certain concerns or challenges.

Commissioner for Insurance, Sunday Thomas, said this at the Fintech Conference 2023, organised by Supernews Nigeria in Lagos, adding that it appears that NFIS; Fintech; Insuretech and current financial services have their shortcomings to the group of people they claim to provide for.

From left: Deputy Director, National Insurance Commission, Ajibola Bankole receiving a plaque from Publisher/Chief Executive Officer, Supernews Nigeria, Ngozi Onyeakusi at the event.

Thomas, who was represented by Deputy Director, NAICOM, Ajibola Bankole, noted that part of these concerns includes; whether the existing Fintech/Insurtech business models and products are suitable and sustainable for the unbanked and why the Nigerian Financial Inclusion rate is lower than that of some other developing countries despite numerous programmes.

“There have also been certain challenges that have in recent times stifled the NFIS Goal; these includes financial literacy levels (Rural areas), Payment System Laws, and lack of collaboration/partnership between various stakeholders and even regulators,” he posited.

The NAICOM boss maintained that the journey to Financial Inclusion goal can only be speeded up by encouraging the scaling on technology particularly mobil money, stressing that research has shown that phone ownership in Nigeria has increased with at least one person in a household owning a mobile phone (EFina 2018 Survey).

He noted that there is also the need for regulators (CBN; NAICOM; PenCom; NCC and SEC)
to create open and level playing field for a wide range of providers; increase collaboration between themselves as this create the right environment for technology to thrive; encourage innovation around product, services and delivery channels; support projects to improve data and technical expertise; encourage collaboration and information exchange between various stakeholders; review primary laws and regulations and put in place necessary safeguards.

Publisher/CEO of Supernews Nigeria, Ms. Ngozi Onyeakusi

Publisher/CEO, Supernews Nigeria, Ngozi Onyeakusi, said fintech and financial inclusion hold a great potential for the Nigerian economy and for the financial stability of the country.

She submitted that the emergence of COVID-19 in 2020 no doubt projected the need for adoption of Fintech in our daily activities and businesses, but not without its attendant challenges.