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Expert Says Less than 10m People Have Insurance Worldwide

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An insurance expert has lamented the poor penetration of insurance in the world, warning that if the current rate at deepening insurance penetration is not changed, there are indications that only a minimal impact will be made in the lives of the poor in our society, particularly in Africa…
Prince M. Ikupolati, head of Mission, West African Insurance Institute, , who made this known, explained that the number of people at the poor level who subscribe to insurance in Nigeria and Africa is still low, a situation he described as worrisome.
“Currently, out of the N4billion people on earth who lives on less than $2per day, fewer than 10million have access to insurance, that is,. 2.5percent of the world population have access to insurance”.
He explained that there has been no systematic effort aimed mapping out the distribution of microinsurance, stressing that an analysis of alternative financial institutions in the world in 2004 showed that there are approximately 665million client accounts at over 3,000 institutions serving poor people than those served by commercial banks.
He stated that of this accounts, 120 million were with institutions that normally practice microfinance but not including micro-insurance.
He added that micro insurance products and services are conspicuously absent in the diverse historical roots of this movement which included postal savings banks, stake agricultural and development banks, co-operatives and credit unions and specialized rural banks.
The insurance expert explained there are yet no studies to indicate the distribution of informal microfinance organizations like ROSCA.  He said this and other ‘informal’ associations help the poor manage costs like weddings, funerals and sickness.
Ikupolati explained that “generally all over the world, as weather-related natural disasters increase, so does the vulnerability of the poor.”  He stressed that “we “need to build inclusive financial sectors for impoverished communities to help them better cope with risks”.
He added that in Nigeria, thousand of disasters have happened but they were not accorded recognition because they happened to the poor.  He called for concrete actions that will help liberate the rural populace in West Africa can be liberated from abject poverty.
He called on operators to tailor their needs to meet the specific needs and preferences of the poor.  This he said is the only way the “current haphazard risk management approach can be given a serious bite.
He said “many countries such as Singapore, Argentina, Canada and Sweden, have well-established and large co-operative insurers owned and controlled jointly by a number of cooperative businesses and organization.”
A summary of major Micro-insurance products show that Nigeria ranks at the lowest rung of the ladder among some countries of the world.  He said this is unlike other countries like United Kingdom France, Germany, Finland, New Zealand, South Africa etc, where the are successful and well-run mutual benefits insurers owned by individual policy holders.
 

 

 


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NIHSA Warns States of Possible Flood within Seven Days

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Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

NIHSA Warns States of Possible Flood within Seven Days

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.

“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.

“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.

“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.

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“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.

NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.

“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.

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First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

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First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.

As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.

Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.

Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.

“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”

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Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.

For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.

First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.

 

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Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

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Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.

Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.

The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.

Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.

There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.

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The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.

Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.

Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.

Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.

Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.

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The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.

It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.

For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric

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