NAICOM, FintechNGR Inaugurates Insurance Policy Project, Partners Galaxy Backbone on Domestic Cloud Initiatives

In a bid to deepen its impacts on the policy landscape and make innovation more entrenched in Nigeria, FintechNGR has partnered with the National Insurance Commission (NAICOM) to develop a Fintech Adoption Roadmap Policy for the Insurance Sector, a feat it achieved in 2019 when it collaborated with SEC to develop The Fintech Adoption Roadmap Policy in the Capital Market.

Similarly, FintechNGR is partnering with Galaxy Backbone, an agency of the Federal Government in charge of Satellite, Cloud and ICT management to develop a Nigerian Domestic Cloud initiative that will domesticate cloud businesses in Nigeria.

The inauguration of the Insurance Roadmap Committee by Mr Sunday Thomas, the Insurance Commissioner, is a significant step towards driving digital transformation in the insurance sector.

According to Mr Thomas ‘the policy will further help the sector to leverage technology to enhance transparency, speed, and efficiency in insurance services, ultimately making insurance more accessible and affordable in the overall interest of driving financial inclusion’.

According to Dr Stanley Jacob, Vice President of FintechNGR, ‘the policy will drive digital presence, and aid insurance penetration’. His comments highlight the potential impact of the policy in expanding market opportunities and increasing the accessibility of insurance services.

In addition, the Galaxy Backbone initiative would promote indigenous cloud services, develop cloud adoption frameworks, and make cloud infrastructure available to startups and Nigerians at affordable rates.

It is also worthy to note that FintechNGR also has collaborations with other cloud providers such as AWS, Huawei and Rack Center.

These two initiatives aim to drive innovation in the financial services sector and help Nigerians harness data, access array of opportunities, make insurance and emerging technologies more attractive.

Overall, the projects are a further testament to FintechNGR’s commitment to driving innovation and collaboration within the ecosystem, with a focus on leveraging technology to enhance efficiency and accessibility. It also attests to the openness of the Regulators to deepening innovation as they create balanced policies.