E-Financial
NAICOM Sets 7-point Strategic Vision to Transform Sector
In line with its transformation journey to position insurance business in Nigeria to stand competitively in the troubled global financial market, the Commissioner for Insurance, Mr Olorundare Sunday Thomas, has unveiled a 7 – point vision/ agenda for the next decade (2024 to 2033), even as it plans to launch Guidance Note for Insurances of Government Assets and Liabilities.
Built on seven strategic pillars, the Commissioner who made the presentation in Abuja, at the 2023 National Insurance Conference, called on his team at NAICOM, operators, industry watchers, insurance enthusiasts, the media and other stakeholders in the entire insurance value chain to join hands in the implementation of the agenda.
“Over the next decade (2024-2033), the Insurance industry will seek to continue its transformation journey along the following 7- strategic thrusts with the objective of achieving the corresponding goals: To transform the regulatory environment to sustain the industry growth; to transition to risk-based capital model; to promote insurance awareness and adoption; to broaden insurance product offerings and improve effectiveness of distribution channels.
“Others are to enhance digitalisation of the insurance industry; to deepen the industry’s talent pool and capabilities, and support Nigeria’s economic transformation and sustainability agenda.”
With the theme, “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction” NAICOM boss affirmed that the Commission would leave no stone unturned in ensuring that it created the needed platforms to boost awareness for the public about compulsory insurances.
“We shall create platforms to strengthen collaboration with relevant government and non-government agencies and other stakeholders to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.
“All efforts are geared toward achieving the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders.”
He called for collaboration among all stakeholders to facilitate improvement in National Safety Standards, while reiterating the Commission’s resilience, focused and perseverance in implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.
He reassured the Nigerian populace that notwithstanding challenges facing the industry viz: talent gap, low public awareness, insurance affordability, dearth of trust and confidence in insurers, cultural and religious bias, inadequate distribution channels, low enforcement of insurance, among others, he would continue to push for growth and sustain same.
“In terms of performance, the industry premium income between 2014 and 2022 grew at an average of 13.6 per cent; from a premium income of N282billion to N726.2billion. The total assets of the sector also grew at an average of 12 per cent for the same period; from an asset base of N827.5billion in 2014 to N2.33trillion in 2022,” he added.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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