General News
Expert wants Government to Address Real Problem Confronting Insurance
Mr. Sunny Bamidele, managing director of Century Finance Group, has challenged Nigeria insurance operators to rise up to the real issues confronting insurance growth, rather than formulating unrealizable policies that are only good on paper. According to him, it is good to formulate policies but the question really should be weather such can work under the prevailing environment. The finance consultant explained that if insurance must grow here, the efforts must involve government full participation. He stated that over the years, he has studied the situation and identified four main factors affecting the growth of insurance in Nigeria. He said some of these factors that have contributed to the stunted growth of insurance and reinsurance business in Nigeria and even Africa, are economic. Under this platform is the dwindling economy which has led to even weaker currencies, a situation that makes operators unable to compete in a global economy. “For instance, the naira has been so undervalued that where insurance companies in other climes are competing for business with stronger currencies and favourable working environment, Nigeria is still thinking of how to make the public take even insurances that are compulsory under the law.”
Bamidele also identified political instability which he said has eaten deep into the socio –political structure of the nation. He stressed that no economy can develop under an atmosphere of chaos and corruption, adding that the fact that Nigeria has had almost a decade of civilian administration is not enough to think that all is well, He noted that the corruption that has enveloped the system has made a mockery of whatever gains the industry may have had over time. This has seriously affected economic activities and consequently insurance business in Nigeria and even in other African states.
The finance expert stated that beyond these reasons, the greatest problem which the government must address before insurance can thrive in Nigeria is poverty. “Poverty has eaten so deep into the very fabrics of our existence. It is so devastating that the insuring public has very low disposable income such that insurance does not even stand in a vantage position on the scale of preferences of things to actualize,” he said. Besides, a lot of people do not have regular income and access to basic necessities of life, like food, housing and shelter. In a country where religion also plays a part on who takes what insurance, then it is difficult for insurance to thrive here like it does in the developed world. He stated that a large number of the African population do not believe in insurance, owing to some religious reasons as well as ignorance and illiteracy. He condemned a situation where even our modest achievements are sacrificed on alter of fake insurance products and the inability of law enforcement agencies to curb the bad practice. Also, the underdevelopment in Nigeria makes most members of the public to be isolated and remote to insurance services. He opined that “since a larger majority of people live in rural areas where they have no access to regular financial services, where there is apathy towards insurance and financial protection by an average Nigerian and where culture forbids certain transactions, then it may be difficult to expect a drastic breakthrough.” he said. To corroborate this slow and unimpressive pace, Remi Olowude, Executive Vice – chairman of Industrial and General Insurance (IGI) while speaking at a public forum explained that the present situation arose when the majority of enabling laws enacted to facilitate and promote the overall development of the industry came on board. This he said culminated in the emergence of an array of markets which might conveniently be grouped into two major types, the nationalised ones, where the state had monopoly and the mixed markets, where public and private participation held sway. Also, in order to conserve foreign exchange and build local capacity, certain classes of businesses were domesticated.
Olowude noted that the dismal performance of the industry is well-captured by UNCTAD statistics in 2007, which showed that the continent represents 14 percent of the world’s population, while contributing contributes only 1.03 percent to the global gross premium income.
“It is interesting to note that this performance is enhanced by South Africa, which accounted for 93 percent in Life business and over 50 percent in Non-Life business in the year under review. Not only has the insurance industry in Nigeria been unable to develop as in other parts of the world, it has also been unable to measure up to other competing products in the financial services industry within the continent.
“For example, statistics regarding growth in the financial services industry of South Africa, as released by Finscope (a comprehensive national household survey of financial services, needs and usage among all South Africans) in January 2010, showed that in about four years, that is, 2004 – 2008, growth in the insurance industry is dismal when compared with other sectors of the economy.
“The number of people who opened bank accounts, for example, increased by 7million over the period, while only 700,000 people took out life assurance and 200,000 applied for motor insurance. Whereas there were 7.7million cars on South African roads in 2003, only 2.2 million people had motor insurance in 2008.
Bamidele charged operators and the regulators to be innovative and more futuristic in planning their products. He said the type of policies being offered today policies are mostly elitist in nature and do not adequately address the needs of the larger Nigerian population who dwell in the rural areas. The consultant explained that there is too much concentration of marketing efforts in urban environments, while paying lip service to broadening of insurance business. Tracing the root of this backwardness, he said noting that lack of innovation and poor application of technology is part of the problems, early insurers in Nigeria and most parts of Africa concentrated only on the technical aspects of the business rather than developing the total business. Some of the areas which could have been better developed but where ignored include insurance marketing, enlightenment, management and technical aspects. Due to the prevailing poverty in the land, the operators under rated their capacity, as they fled from lucrative risks and concentrated on smaller premium, thus leaving the juicy pie to the foreign insurers.
He also identified that “sharp practices by practitioners who charge low premium rates for some risks and inflate the rates of others because of their perceived belief that insurance is a ‘chop-chop’ business which only collect premium without paying claims.”
“Today, these challenges have been further compounded by the impact of the global financial meltdown, which is threatening the growth and development of the insurance industry. For us to be able to achieve the expected transformation of the insurance and reinsurance potentialities Bamidele stressed that there are a number of immediate issues worth considering. Some of these issues include market capacity, new products development, information technology and human resource development, effective regulation and supervision by the National Insurance Commission (NAICOM) and the Federal Ministry of Finance and to an extent the National Assembly, strict adherence to the principles of corporate governance and good practices as well as sustainable insurance awareness campaign.
General News
PalmPay, LASUBEB Deepen Efforts to Keep More Children in School

PalmPay Group has announced a strategic partnership with Lagos State Universal Basic Education Board (LASUBEB) to recognise and reward high-performing students in selected public schools across Lagos, as a broader commitment to supporting ambition and expanding opportunities for young Nigerians.

Nigeria continues to face a significant out-of-school children challenge. According to UNICEF, 18.3 million school age children are currently out of the classroom. While access to education has improved over time, keeping children in school requires more than enrollment alone. It also depends on motivation, support, and visible pathways that show young people the long-term value of education.
Through this collaboration, PalmPay will work with LASUBEB and educators across selected public schools to identify and reward outstanding students. Selected students will be rewarded with scholarships, shopping vouchers and branded school kits designed to support their learning needs and ease part of the burden on their families.
Speaking on the partnership, Chika Nwosu, Managing Director at PalmPay, said: “Recognizing and rewarding high-performing students goes beyond celebrating excellence. It reinforces the value of education, strengthens motivation, and supports families in keeping their children in school. Through our partnership with LASUBEB, we are contributing to an ecosystem where young people are encouraged to stay engaged and pursue their ambitions.”
By working directly within the public education system, the initiative is designed to deliver support where it can make the greatest difference. When students see their efforts recognized and rewarded, it strengthens their commitment to learning and helps families see that academic discipline and consistency can open doors to real opportunity.
The partnership reflects PalmPay’s broader commitment to economic and social inclusion. As the company continues expanding financial access across Nigeria, it is also investing in initiatives that help reduce barriers for families and create more pathways for young people to thrive.
By integrating education-focused support into its wider CSR agenda, PalmPay is contributing to ongoing efforts to strengthen community outcomes, encourage aspiration, and invest in the future workforce that will drive Nigeria’s growth.
General News
NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

Nigeria Centre for Disease Control (NCDC) has intensified nationwide disease surveillance following reports of a Hantavirus infection cluster connected to international cruise ship travel involving several countries.

Dr Jide Idris, director-general, NCDC, in a public health advisory, confirmed that Nigeria has not recorded any confirmed Hantavirus case and stated that the overall public health risk remains low.
According to the agency, the reported outbreak currently involves a limited number of confirmed and suspected infections linked to cruise ship exposure, while international investigations and contact tracing efforts continue.
The NCDC explained that the advisory was released to strengthen national preparedness and encourage vigilance against emerging infectious diseases amid growing global concern surrounding the outbreak.
Health authorities noted that Hantaviruses are mainly transmitted through exposure to infected rodents, their urine, saliva, droppings, or contaminated dust particles. Symptoms may include fever, fatigue, muscle pain, gastrointestinal illness, and in severe cases, respiratory complications.
The current outbreak has reportedly been associated with the Andes virus strain, which has shown limited human-to-human transmission through close contact in previous cases.
The NCDC stated that enhanced monitoring systems have been activated nationwide to support early detection and rapid response efforts.
The agency also urged Nigerians to maintain proper hygiene, prevent rodent infestations, safely store food items, and avoid exposure to rodents and contaminated environments.
Officials further advised the public to rely only on verified information from recognized health authorities and avoid spreading misinformation regarding the outbreak.
General News
Moniepoint Partners GDG Lagos, Women Techmakers to Empower the Next Generation of Women Architects in Tech

In a critical move to bolster talent density and accelerate Nigeria’s digital economy, Africa’s all in one financial ecosystem, Moniepoint hosted an International Women’s Day event bringing together women in technology for a day of leadership development and hands-on product building.

Held at Moniepoint’ Headquarters in Lagos, themed “Break the Pattern,” the event was organised in partnership with Women Techmakers Lagos and Google Developer Group (GDG) Lagos with participants spanning both technical and non-technical backgrounds, reflecting the breadth of women currently active across Nigeria’s digital economy.
In a keynote address delivered by Kemi Nwogu, Head of Product at Moniepoint Inc, titled “Breaking the Pattern: How Women Can Redefine the Future of Tech,” she made the case that progress for women in technology requires not just access to existing structures, but the tools and confidence to reshape them. Furthermore, Nwogu issued a bold call to action, urging attendees to move beyond traditional career playbooks and take ownership of shaping the industry’s future.
“From a young age, many girls have been subtly discouraged from pursuing science and tech. They are told sometimes directly, sometimes indirectly, that tech is too hard, too technical, or simply not for them. These patterns are not facts, they are constructs. And what has been constructed can be deconstructed! The future of tech needs leaders who build people, not just products, cultures, not just systems,”said Nwogu.
On building skills with purpose, she urged women to “show up everyday, make small, steady progress with online courses, coding bootcamps, open-source projects while leveraging the full ecosystem; take on challenging tasks as your greatest classroom using real problems to build real skills; while knowing why you’re building a skill as every learning goal can be tied to a career journey.”
This thematic fare of the event was further explored in a panel discussion, “Unscripted: Leading Beyond the Patterns We Inherited”, moderated by Atinuke Oluwabamikemi Kayode and featuring leaders from fintech, creative design, and software engineering space, including Chukwu Adaeze (Creative Director, CAV Digital), Chinenye Ogbu (Customer Experience Lead, Hydrogen), and Motunrayo Koyejo (Senior Software Engineer, Cowrywise).
The robust and extensive conversation examined the professional archetypes that have historically defined leadership in the Nigerian tech ecosystem: the engineering culture that equates output with exhaustion, the creative industry’s tendency toward top-down authority, the script-driven rigidity of customer-facing roles. The panelists also provided deep insights into how they had navigated and, in places, dismantled those patterns within their teams and organizations.
The event went beyond conversations to a hands-on workshop, Prompt to Production, facilitated by Taiwo Famakinde which guided attendees through modern product development from prompt design through rapid prototyping to the deployment of a functional application using AI tools.
A lot of the participants entered with little to no prior experience building software products. The workshop then fed directly into a Buildathon, where participants developed and deployed their own solutions in real time, with the strongest builds recognised and rewarded at the closing ceremony.
“IWD celebrations are often heavy on inspiration, but we wanted to offer something more, a proof of capability. Oftentimes, there is a gap between having ideas and actually building them, and we set out to bridge that by creating a space where women could easily deploy their ideas into live products with AI in just a few hours. By the end of the day, something that once felt complex due to the fast pace of AI started to feel possible.
“Our participants left with both the technical confidence to build and the leadership frameworks to navigate their careers on their own terms, ensuring they are no longer just participants in the tech ecosystem, but the architects of its future. They are now ready to test their ideas and lead without waiting for perfect conditions or a full team.” said Funke Olasupo, Co-organizer, Women Techmakers Lagos.
Interestingly, the “Break the Pattern” event sits within a broader investment in Nigeria’s technology talent pipeline that Moniepoint has deployed over the years. As one of Nigeria’s most significant fintech employers, the company runs a critical engine that sustains Nigeria’s formal and informal economy.
Moniepoint has invested in developer community partnerships including its ongoing collaboration with GDG Lagos as well as internal programmes designed to build engineering depth across product domains that include its highly successful Women in Tech initiative, DreamDevs, HatchDev and the government’s acclaimed 3MTT programme.
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