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Expert Says Less than 10m People Have Insurance Worldwide

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An insurance expert has lamented the poor penetration of insurance in the world, warning that if the current rate at deepening insurance penetration is not changed, there are indications that only a minimal impact will be made in the lives of the poor in our society, particularly in Africa…
Prince M. Ikupolati, head of Mission, West African Insurance Institute, , who made this known, explained that the number of people at the poor level who subscribe to insurance in Nigeria and Africa is still low, a situation he described as worrisome.
“Currently, out of the N4billion people on earth who lives on less than $2per day, fewer than 10million have access to insurance, that is,. 2.5percent of the world population have access to insurance”.
He explained that there has been no systematic effort aimed mapping out the distribution of microinsurance, stressing that an analysis of alternative financial institutions in the world in 2004 showed that there are approximately 665million client accounts at over 3,000 institutions serving poor people than those served by commercial banks.
He stated that of this accounts, 120 million were with institutions that normally practice microfinance but not including micro-insurance.
He added that micro insurance products and services are conspicuously absent in the diverse historical roots of this movement which included postal savings banks, stake agricultural and development banks, co-operatives and credit unions and specialized rural banks.
The insurance expert explained there are yet no studies to indicate the distribution of informal microfinance organizations like ROSCA.  He said this and other ‘informal’ associations help the poor manage costs like weddings, funerals and sickness.
Ikupolati explained that “generally all over the world, as weather-related natural disasters increase, so does the vulnerability of the poor.”  He stressed that “we “need to build inclusive financial sectors for impoverished communities to help them better cope with risks”.
He added that in Nigeria, thousand of disasters have happened but they were not accorded recognition because they happened to the poor.  He called for concrete actions that will help liberate the rural populace in West Africa can be liberated from abject poverty.
He called on operators to tailor their needs to meet the specific needs and preferences of the poor.  This he said is the only way the “current haphazard risk management approach can be given a serious bite.
He said “many countries such as Singapore, Argentina, Canada and Sweden, have well-established and large co-operative insurers owned and controlled jointly by a number of cooperative businesses and organization.”
A summary of major Micro-insurance products show that Nigeria ranks at the lowest rung of the ladder among some countries of the world.  He said this is unlike other countries like United Kingdom France, Germany, Finland, New Zealand, South Africa etc, where the are successful and well-run mutual benefits insurers owned by individual policy holders.
 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Mayor of London Commits to Deepening UK-Nigeria Ties in Tech, Creatives and Trade

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The Mayor of London, Sadiq Khan, has successfully concluded his visit to Lagos, Nigeria, aimed at strengthening the UK-Nigeria economic relationship and celebrating the deep cultural ties, shared vibrancy, and global influence of two dynamic cities – London and Lagos.

This visit marked the growing importance of Nigeria as a key partner in the UK’s global trade and investment strategy, particularly in sectors such as fintech, innovation, and the creative economy.

Alongside the visit, the Mayor of London led a trade delegation of 27 London-based companies in fintech, enterprise technology, and sustainability, supported by the Mayor’s growth agency, London & Partners. Under the leadership of Howard Dawber OBE, Deputy Mayor for Business and Growth, the agency facilitated a series of high-level engagements in Nigeria.

The delegation connected with Nigerian policymakers, investors, and creatives through curated events aimed at fostering collaboration and unlocking new business opportunities across Africa.

This visit marked the first official trip by a sitting Mayor of London to sub-Saharan Africa, underscoring London’s commitment to building long-term, cross-sector partnerships that support inclusive growth, digital transformation, and cultural exchange.

Mayor Khan’s engagements in Lagos commenced with participation in a panel discussion at the “Bridging Borders: How London and Lagos Can Shape the Future of Global Tech” tech event where he highlighted how London and Lagos can jointly shape the future of global innovation and encouraged Nigerian tech businesses to invest in London.

The Mayor of London also attended the Lagos Canvas Reception, a celebration of Nigeria’s flourishing creative sector which he co-hosted with Mo Abudu at the Ebony Life place.

The reception celebrated the status of Lagos and London as cultural and creative industry powerhouses and looked to encourage even greater ties between the creative industry ecosystems in both cities.

From the arts to fashion, music and film – central to the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) – which is expanding trade and unlocking new opportunities in the creative economy.

Wrapping up his visit to Lagos, Nigeria, the Mayor of London will continue his historic trade mission with stops in Accra, Johannesburg and Cape Town to bang the drum for the capital as a place for investment, innovation, and cultural exchange – strengthening ties with countries across the African continent for economic growth.

The Mayor of London, Sadiq Khan, said: “I am delighted to be visiting Nigeria and Africa this week – the first visit of its kind by a Mayor of London – to bang the drum for the capital and further develop the strong ties between our countries.

“Africa has the world’s fastest growing populations and is seeing major economic growth across many of its economies. Over the next decade there are huge opportunities to deepen partnerships with London. I will be working tirelessly throughout this visit to drive trade and investment across critical sectors including finance, education, health, tech creative and sustainability.

“Londoners of African heritage have played, and continue to play, a huge role in making London the greatest city in the world, and this trip is an opportunity to celebrate our shared heritage, history and culture with the African continent – as we build a better and fairer city for everyone.”

British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “The Mayor of London’s visit underscores the UK Government’s commitment to strengthening economic and cultural ties with Nigeria. From trade to fintech and fashion, our collaboration is driving innovation and growth.

“Through the UK-Nigeria Enhanced Trade and Investment Partnership, we’re committed to unlocking new opportunities that benefit both our economies, and this visit is a powerful step forward in that journey of inclusive growth.”

UK Minister for Africa, Lord Collins of Highbury, said: “Sir Sadiq’s visit marks an exciting moment for the UK’s relationship with countries across Africa and is a strong demonstration of our commitment to deepening our ties with the continent.

“Strengthening our trade, investment, and cultural ties is not only vital for shared economic growth, but also for fostering long-term partnerships that are rooted in respect and open up opportunities for all.”


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FG to Launch Fully Digital Expatriate Residence Permit Application Portal August 1

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The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).

The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.

According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.

In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.

It noted that after this date, all applications must be submitted exclusively through the online portal.

The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.

Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.

“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.

The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.

 


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Moniepoint Named Among World’s Top Fintechs by CNBC

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Tosin Eniolorunda and Felix Ike
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Moniepoint Inc., one of Africa’s leading business payments and digital banking platforms, announces it has been named as one of the world’s top fintech companies by CNBC, reinforcing the Company’s pioneering role in widening access to financial services across the continent.
Tosin Eniolorunda and Felix Ike

Tosin Eniolorunda and Felix Ike

Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.

The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.

The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.

Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.

In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.

“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”

CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.


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