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E-Financial

Insurance Professionals Urge Operators to Embrace Digitisation

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SundayThomas-Commissioner-for-Insurance-and-CEO-NAICOM
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The Chartered Insurance Institute of Nigeria has urged insurance operators to evolve, embrace change and digitise their processes to enable them to meet customers’ needs and expectations.

This was part of the communiqué issued at the end of its 2021 Insurance Professionals Forum in Abeokuta, Ogun State, with the theme ‘The insurance industry in the digital age’.

The professionals urged the regulator to encourage, support and facilitate the digitalisation change in the insurance industry and provide guidance for other stakeholders.

They said, “There is a need for data analytics to promote digitisation; there is an urgent need for the adoption of digital sales agents.

“There is a need to promote ethical standards within the industry so as to earn public trust in services provided by operators; and to take advantage of the existing payment system in Nigeria with a view to promoting multiple premium payment methods such as USSD and mobile app.”

The CIIN highlighted the need for professionals to secure the insurance industry space with digitalisation.

It recognised the need for professionals to learn and acquire new soft skills required to achieve digital operations.

The institute stressed the need to assess or evaluate the impact of digitisation on the operations of the insurance industry and take collaborative efforts to manage the risks exposures

Speaking at the conference, the Commissioner for Insurance, Mr Sunday Thomas, said, “The insurance industry is currently lagging behind and needs to reassess its business model, re-evaluate its strategy and make the digital agenda a high priority.

“If this is not done, it will be difficult to deliver on customers’ expectations and new entrants, insurtech companies and leading digital competitors, will take advantage of this weakness. It is time for insurers to evolve and do the needful.”

He said this would require a different set of skills, culture and operating model.

According to him, the only explorable option for the industry is to maximise its positioning in the digital age as waiting is not an option.

He said that an insurance company in Columbus, Ohio, US, had embraced the use of AI, cloud computing, machine learning to enable everyone with smartphone get a motor rate based primarily on their driving behaviour, rather than relying on historically based demographic data to determine rates.

Thomas said, “The commission is desirous of a fully digitised industry. More so, the COVID-19 pandemic has accelerated the adoption and the use of digital technologies in the Nigerian insurance sector.

“To this extent, on September 1, 2021, the NAICOM Portal was successfully launched. In order to ensure effective and efficient utilisation of the portal, the commission directed all operators to integrate, connect and upload five years historical data of all policies issued from January 1, 2016 to NAICOM Portal on or before March 1, 2021.”


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E-Financial

Sofri Microfinance Bank Rejig Digital Platforms for Better Customer Experience

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L–r: General Manager, Sofri (Powered by Links Microfinance Bank), Frank Ayala; Managing Director, Sofri (Powered by Links Microfinance Bank), Paul Adebayo; and Chief Marketing Officer, Sofri (Powered by Links Microfinance Bank), Afeez Abass at the Sofri relaunch media parley held in DLM HQ, Lagos.
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Sofri microfinance bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.

This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.

Paul Adebayo, managing director, Sofri Microfinance Bank, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.

He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.

“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.

“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.

“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.

On sustainability impact, Adebayo, added that Sofri Microfinance bank is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.

Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).


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E-Financial

DLM Group Unveils Innovative Sovereign Bond Backed Composite Notes

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L–r: Lola Razaaq, MD, DLM Trust; Dr. Sonnie Babatunde Ayere, GCEO, DLM Capital Group; and Babatunde Obaniyi, GMD, DLM Global Markets, at the launch of the DLM Sovereign Bond Backed Composite Notes (SBCNs).
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Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.

However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.

Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.

According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.

“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.

The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.

The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.

The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.

Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.

In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.

“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.

 


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E-Financial

Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth

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Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
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Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.

Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.

Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.

She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.

Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.

“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.

“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”

The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.

Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”

The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.

Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.


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