By Taiye Olayemi

 

 

 

The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed its commitment to supporting initiatives that promote fintech adoption and financial inclusion in the country.

 

 

 

Mr Babatunde Oguntade, President of the council, said this during the second Business Journal Fintech and Financial Inclusion Roundtable on Friday in Lagos.

 

 

 

Oguntade was represented by Mrs Bukola Ifemade, former Chairman, Lagos Area Committee, Nigerian Council of Registered Insurance Brokers.

 

 

 

He said fintech presented vast opportunities for the growth of Nigeria’s financial sector, especially in expanding access to insurance services.

 

 

 

He described the theme of the conference, “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria”, as timely and relevant, given the rapidly changing financial landscape.

 

 

 

“As industry stakeholders, we are committed to working together to address the challenges and opportunities presented by fintech and financial inclusion.

 

 

 

“We believe that collaboration and innovation are key to unlocking new opportunities and addressing the challenges that lie ahead.

 

 

 

“The insurance industry plays a vital role in promoting financial stability and security, and we look forward to working with other stakeholders to drive growth, inclusion, and innovation.

 

 

 

“On the part of Insurance Brokers, our council is ready to collaborate and encourage all initiative toward encouraging fintech in insurance operations. We see it as an enabler of our practice,” he said.

 

 

 

Commenting on the recently signed Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), Oguntade described it as a significant milestone that would create a more conducive environment for industry players.

 

 

 

“This Act promises to promote a more conducive business environment for insurance professionals and the industry at large.

 

 

 

“With its emphasis on digitisation, compulsory coverage, and strict enforcement of claims settlement timelines, the NIIRA 2025 is poised to drive innovation, expand access to insurance services, and enhance consumer protection.

 

 

 

“However, as we leverage fintech to drive growth and inclusion, we must also prioritise data protection and cybersecurity,” he said.

 

 

 

He commended the Nigeria Data Protection Commission for enforcing compliance with the Nigeria Data Protection Act (NDPA) 2023.

 

 

 

He assured Nigerians of insurance brokers commitment to safeguarding customers’ sensitive information.

 

 

 

“We believe collaboration and innovation are key to unlocking new opportunities. On the part of insurance brokers, our council is ready to collaborate and encourage all initiatives that integrate fintech into insurance operations,” he said.

 

 

 

He urged stakeholders to work together to deepen financial stability and inclusion.

 

 

 

Speaking earlier, Dr Biodun Adedipe, Chief Consultant, B. Adedipe & Associates Ltd. advised policymakers to prioritise clarity, digital identity systems, and regulatory sandboxes to accelerate fintech growth and financial inclusion in Nigeria.

 

 

 

He noted that clear and consistent policies were necessary to provide certainty for investors and operators in the financial technology space.

 

 

 

According to him, the development of a robust national digital identity framework will serve as the backbone for inclusion, enabling seamless verification and access to financial services.

 

 

 

Adedipe also advised fintechs to build their operations on trust, transparency, and affordability to deepen financial inclusion and sustain public confidence.

 

 

 

“Banks are advised to embrace collaboration and adopt hybrid models to remain competitive in the evolving financial ecosystem.

 

 

 

“Likewise, investors are suppose to support financial literacy, empower women, and promote rural finance as pathways to inclusive growth,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa