NCRIB President underscores benefits of NIIRA 2025 at Business Journal roundtable

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Chuks Udo Okonta

The President of Nigerian Council of Registered Insurance Brokers (NCRIB) Babatunde Oguntade, has said the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 would promote a more conducive business environment for insurance professionals and the industry at large.

He said this today at the 2nd Business Journal Fintech and Financial Inclusion Roundtable in Lagos, adding the theme of the conference, “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria,” was both timely and relevant, as we navigate the rapidly evolving financial landscape, it is crucial that we harness the potential of Fintech to drive financial inclusion and economic growth.

Oguntade, who was represented at the event by former Chairman, Lagos Area Committee, Nigerian Council of Registered Insurance Brokers Mrs. Bukola Ifemade, submitted that NIIRA 2025 emphases on digitisation, compulsory coverage, and strict enforcement of claims settlement timelines.

According to him, the NIIRA 2025 is poised to drive innovation, expand access to insurance services, and enhance consumer protection.

“However, as we leverage Fintech to drive growth and inclusion, we must also prioritize data protection and cybersecurity,” he posited.

The NCRIB Boss maintained that the insurance industry is built on trust and reliability, and it is essential that practitioners ensure the security and integrity of sensitive customer information.

He said insurance brokers are ready to collaborate and encourage all initiatives towards encouraging Fintech in Insurance operations, noting that brokers consider FIntech as an enabler of insurance practice.