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E-Financial

NAICOM Releases Guidelines for Insurance Web Aggregators’ Operations

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In line with the recent digitalisation of its supervisory and regulatory processes, the National Insurance Commission (NAICOM) has released what it tagged, “Insurance Web Aggregators Operational Guidelines” for all web aggregators and insurers.

A web aggregator is a company registered under the Companies Act which maintains or owns a website and provides information on insurance products of different insurers. Only licensed aggregators can display products and price comparisons of insurance company products.

The guideline which operations took effect from February 1,2022 according to NAICOM will serve as a working document to register, supervise and monitor web aggregators as insurance intermediary who maintain a website for providing information on products of different insurers.

According to the commission, registration for approval as a web aggregator goes through three stages detailing copy of no objection/approval by Nigerian Communications Commission (NCC) and six other listed requirements.

NAICOM, said the stage two of the process, lists organisational chart showing functional responsibilities, board resolution to commence a web aggregator operation and 12 other requirements including professional indemnity cover of not less than N20 million.

“All insurance companies and web aggregators operating under any agreement of a business relation whether web aggregation business or otherwise shall comply with the provisions of this guideline within sixty (60) days of its coming into effect, “the commission stated.

Spelling out the registration process, NAICOM stated that there were three stages; stage one begins with physical verification of web aggregator head office address and IT infrastructure to be deployed, followed by payment of licence fee and the ultimate, issue of licence.

On Service Level Agreement (SLAS) the guidelines stated that such ‘agreement’ with the insurer should be filled with the Commission within 30 days for ratification and meeting all 16 requirements itemised.

On mode of operations, it said the requirements was clear on professional indemnity which every web aggregator should possess and continue to maintain a professional indemnity insurance cover with a minimum limit of liability of N20 million or 50 percent of its annual gross commission income (whichever is higher) throughout the validity period of the licence granted by the Commission.

NAICOM further stated that the indemnity cover shall be on a yearly basis for the entire period of its licence.

NAICOM, had late last year announced the digitalisation of all its operations in a letter it addressed to the Managing Directors/Chief Executive Officers of insurance firms in Nigeria.

NAICOM said the move was to enhance efficiency and effective service delivery and that the process started September 1, 2021.

The commission in a circular to this effect signed by its Director, Policy and Regulations, Leonard Akah, noted that its engagement with all insurance institutions would transmit from manual to online processing and that all operational activities or issues concerning insurance companies that require the Commission’s attention, comment, and approval would be submitted and processed via NAICOM Licensing System.


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E-Financial

SEC Working on Stablecoin Regulation Framework

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Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

SEC Working on Stablecoin Regulation Framework

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.

 

 


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E-Financial

CBN Issues Transitional Guidance, Says Banks are Healthy

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Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.

CBN Issues Transitional Guidance, Says Banks are Healthy

The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.

This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.

It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.

A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank,  explained that all the affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.

It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.

The goal is to ensure a transparent, predictable, and collaborative regulatory environment.

It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.


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E-Financial

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

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Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.

According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.

He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.

“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”

He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.

“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.

Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.

CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.

“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.

The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.

According to him, the programme’s systems and platforms are fully set up, for imminent official launch.


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