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Insurance Sector Holds Potential for Enhancing Sustainable Development – Thomas

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Mr. Sunday Olorundare Thomas, the Commissioner for Insurance, has said that the insurance sector holds potential for enhancing sustainable development with the 2030 Agenda.

Thomas who stated this while speaking at the declaration on sustainable insurance conference held in Lagos at the weekend said environmental, social and governance (ESG) issues constitute a shared risk to insurers, businesses, governments and society.

“Some ESG issues such as, climate change, pollution and eco-system degradation, have various ramifications. Some of these issues are now considered as likely to be financially material to the success of organisations. There is therefore the compelling need for innovation and collaboration”, the commissioner stated.

He said the four Principles for Sustainable Insurance formalise the commitment of the signatories to ensuring decision-making along ESG criteria; raising awareness with clients and partners on ESG criteria; collaboration with governments and regulators to promote action on ESG criteria; and accountability and transparency of progress in ESG implementation.

According to him, the corresponding list of possible actions provides a common anchor and framework for the insurance industry to manage ESG issues.

This he said was expected to enhance the industry’s contribution to building resilient, inclusive and sustainable communities and economies.

On the regulatory side, Thomas said the current environment was increasingly becoming complex adding that this had heightened the need to ensure effective supervision as well as resolve broader policy challenges such as inclusive economic development, sustainability, climate risk and digitalisation.

He said insurance regulators, therefore, have a vital role to play in sustainable economic development.

According to him, they will do this through regulatory and policy initiatives adding that regulators could guarantee that their insurance jurisdictions offer the essential range and variety of products and services that support the SDGs.

“Supervisors can also act as conveners of key stakeholders to building partnerships to coordinate insurance solutions, especially when faced with multifaceted risks such as climate change and pandemic risk,” he said.

He said the conference aimed to explore ways that insurance could play a significant role in helping African countries achieve the United Nation’s Sustainable Development Goals (UN SDGs) in terms of economic growth, social inclusion, and environmental protection and ensure sustainable development in the African insurance sector.

“It would appear that the role of insurance has been somewhat relegated within the context of the SDGs. This is because the current indicators largely do not capture specific insurance related metrics. To be able to better assess the role of insurance and motivate the industry to contribute more to the SDGs, more consistent and disaggregated data collection is recommended” he stated.

He noted that the insurance industry performed a very critical role in promoting economic, social and environmental sustainability and could help countries achieve the UN SDGs.


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E-Financial

SEC Restates Commitment to Transparency in Fintech Regulation

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Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.

SEC Restates Commitment to Transparency in Fintech Regulation

Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.

Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.

He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

 

 

 


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Ecobank Warns against Fraud during Yuletide

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Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.

Ecobank Warns against Fraud during Yuletide

In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.

Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.

Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.

The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.


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CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season

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Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This arrangement, aimed at addressing seasonal foreign exchange (FX) demand, will be effective from December 19, 2024, to January 30, 2025.

In a statement signed by T.G. Allu, CBN’s acting director of trade and exchange, the apex bank said BDC operators would buy FX from authorized dealers—banks licensed by the CBN—exclusively to meet retail market demand.

“To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NAFEM for the purchase of FX from Authorized Dealers, subject to a weekly cap of $25,000,” the statement read.

BDC operators must fully fund their accounts before accessing the market at prevailing NAFEM rates, choosing only one authorized dealer for transactions under this arrangement. A maximum price spread of 1% is allowed for retail pricing by BDCs, and all transactions will be reported to the CBN’s Trade and Exchange Department.

The CBN reiterated that personal travel allowance (PTA) and business travel allowance (BTA) remain available through banks for legitimate travel needs. The bank emphasized that all FX transactions must be conducted at market-determined exchange rates.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility,” the statement added.

Earlier in September, the CBN approved FX sales to eligible BDC operators at a rate of N1,590 per dollar to cater to demand for invisible transactions, reflecting ongoing efforts to stabilize the FX market.


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