NAICOM sets sights on integrating insurance with national credit scheme

Cynthia Ezekwe

The National Insurance Commission (NAICOM) is at the forefront of efforts to incorporate insurance into Nigeria’s national credit scheme, as affirmed by  Olusegun Omosehin, the commissioner for insurance.

Omosehin emphasised the importance of integrating insurance schemes into the national credit system during a working visit by  the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Constitutional Committee on Mobilisation and Diversification, led by Sani Mohammed Baba.

The NAICOM head highlighted the efficacy of embedded insurance schemes within the national credit scheme, as they can provide a safety net for borrowers and financial institutions alike. 

According to Omosehin, by incorporating insurance into the credit system, NAICOM and RMAFC aim to strengthen financial stability and improve access to credit for Nigerians.

On April 21, 2024, President Bola Tinubu unveiled the first phase of the consumer credit scheme, a programme designed to empower working citizens by providing loans for essential purchases. Initially, only civil servants are eligible to apply; however, there are plans to expand the programme’s accessibility, allowing more individuals to benefit from this financial initiative in the future.

As NAICOM’s new chief, Omosehin expressed the commission’s dedication to ensuring that insurance companies fulfil their obligations, contributing to the sustainability of Nigeria’s economy.

Stressing NAICOM’s commitment to holding insurance companies accountable, Omosehin underscored the importance of companies meeting their obligations and contributing to the sustainability of the economy. As the insurance sector plays an increasingly vital role in national economic development, Omosehin called for continuous advocacy and sensitisation efforts targeted at government institutions.