General News
Insurance and Banking in Nigeria: Any Relationship?
Under the financial services sector, banks and insurance companies fall within the same tripod, alongside the capital market. As the Central Bank of Nigeria continues in its reform of the banking sector, the National Insurance Commission {NAICOM} has also not been left behind in the formulation of policies and other regulatory frameworks. However the question agitating the minds of industry watchers is why despite efforts put in place, the insurance industry has not occupied the ideal position in Nigeria. Elsewhere, insurance provides a leadership role to other segments of the financial sector, with many banks being owed by insurance companies. What is the role of insurance in the development of any economy, particularly in Nigeria where insurance seems to be crawling instead of running. While appreciating the professional efforts already in place to change the trend, it is expedient to guide the public on what relationship if any, exists between the banks and insurance. According to Mr. Adeyemo Adejumo, managing director of Continental Reinsurance plc, “traditionally, the financial services sector is commonly classified along the lines of banking and non-banking institutions with insurance taking a pride of place in the latter class.” He explained that “globally, banking and insurance have evolved as playing leading roles in the activities of the financial services industry, stressing that over the years, there have been arguments and counter arguments about the ‘ideal’ relationship that should exist between banking and insurance practices and this has also been recognized by governments around the world.” The Continental Reinsurance boss who delivered a paper on the relationship between banks and insurance at a public forum, said that in the United Kingdom for instance, the Financial Services Authority (FSA) was established as the single regulatory body for both the banking and insurance industries, in recognition of the fact that although some differences may exist in their operation, to a great extent there exist some meaningful relationship between them. He said the Financial Services Act of 1999 has far-reaching and major implications towards the movement of globalization in the banking industry. The bill first and foremost, he said, allows mergers between different sections of the industry that were previously not allowed, a situation which allowed insurance companies to merge with banks.
Adejumo explained that in Canada, for instance, the Bank Act and accompanying regulations contain specific rules pertaining to chartered banks and their involvement in the insurance business. The Insurance Business (Bank and Bank Holding Companies) regulations authorize banks to sell certain insurance products closely related to their lending businesses. Banks may also sell other types of insurance through subsidiary companies, subject to certain restrictions. He explained that as a result of the globalization and liberalization of the financial services industry, many financial institutions are participating in the business activities of other financial institutions, banks and insurance companies in particular. “Several European countries have made considerable regulatory changes regarding the banking and insurance sectors. Although regulatory changes vary from country to country, there has been a pan-European trend towards the ‘Universal Bank’ and the limitations of the past no longer exist. Banks are now able to operate across a broader range of activities, including insurance, via legally independent risk carriers. The insurance companies and banks are not competing within just the life insurance industry and banking industry respectively anymore but within the wider financial services marketplace,” he said. The reinsurance expert stressed that in Nigeria, following the Central Bank of Nigeria’s approval-in-principle of the adoption of universal banking, it released Guidelines for the Practice of Universal Banking in Nigeria in December 2000.
According to the guideline banking business in Nigeria was defined as “the business of receiving deposits on current, savings or other accounts, paying or collecting cheques drawn or paid in by customers, provision of finance, consultancy and advisory services relating to corporate and investment matters, making or managing investment on behalf of any person and the provision of insurance marketing services and capital market business or such other services as the Governor of the Central Bank of Nigeria which may, by gazette, designate as banking business.” This implied that banks are free to choose which activity or activities to undertake, whether it is money or capital market activities or insurance marketing services or a combination thereof and are expected to comply with the guidelines specified for such activity or activities.
Consequently he said, a bank will be regulated based on the type of activities it engages in.
This situation led to the issuance of a single uniform license to all conventional banks which are
General News
PalmPay Offers Free Health Checks to Celebrate Customer Service Week 2025

PalmPay, a leading fintech platform and neobank driving financial inclusion in Nigeria, is joining the global celebration of Customer Service Week 2025 under the theme “Mission: Possible.” The theme reflects the dedication of PalmPay’s customer service team, who are committed to turning every user interaction into a success story.
As part of the week-long celebration, PalmPay offered free health checks to customers who visited its Customer Experience Office in Ikeja, Lagos. The initiative highlights the company’s human centered approach to customer relations, demonstrating empathy and appreciation while enhancing the overall brand experience.
“At PalmPay, our mission is to ensure that every customer receives professional, timely, and responsive support at all times” said Yetunde Abubakar, Customer Service Team Lead at PalmPay. “Customer Service Week gives us an opportunity to celebrate our dedicated agents who go above and beyond daily to deliver seamless 24/7 assistance across all touchpoints; whether online, over the phone, or via in-app chats.”
PalmPay’s unwavering focus on customer satisfaction continues to earn industry recognition. The company was recently honored with the Consumer Friendly Business of the Year (2025) award by the Lagos State Consumer Protection Agency (LASCOPA) and was featured in the 2024 KPMG West Africa Banking Industry Customer Experience Survey for outperforming traditional banks in key areas of service delivery.
These accolades reaffirm PalmPay’s commitment to a customer first culture built on reliability, support and trust. With over 35 million active users and a growing nationwide footprint, PalmPay continues to elevate service delivery while providing tools that make money management easy, rewarding, and accessible for every Nigerian.
General News
NITDA Launches Trustmark Seal to Strengthen Nigeria’s Digital Economy

Federal Government has unveiled the Nigerian Digital Trustmark Seal, a cybersecurity initiative aimed at enhancing trust, transparency, and safety across Nigeria’s digital ecosystem.
The launch, which coincided with Cybersecurity Awareness Month, was announced during a press conference organised by the National Information Technology Development Agency (NITDA) in Abuja.
The event drew participation from key stakeholders including the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), media representatives, and digital economy experts.
Speaking at the event, Director-General of NITDA, Kashifu Inuwa, CCIE, said the initiative was designed to verify the authenticity of online platforms, businesses, and organisations, thereby protecting consumers from fraudulent and cloned websites.
“The digital economy has been Nigeria’s fastest-growing sector for almost five years, surpassing oil and gas in GDP contribution,” Inuwa said. “However, as we digitise, challenges emerge.
“Technology is a double-edged sword. While good actors use it to drive efficiency, bad actors exploit it to cause harm and erode public trust.”
He explained that the Digital Trustmark Seal was co-created by NITDA, NACCIMA, and GIZ to serve as a visible indicator of authenticity.
The seal will be displayed on verified websites, enabling citizens to easily distinguish between genuine platforms and malicious ones often used for scams and identity theft.
“This initiative is designed to build trust within our digital ecosystem. Every company, e-commerce platform, business, and government organisation will have a Trustmark seal on their website to ensure authenticity,” he added.
Inuwa noted that the project aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises rebuilding public trust through inclusive governance and promoting transparency in the digital space.
He emphasised that the initiative encourages collaboration between the public and private sectors to jointly design and implement solutions that make Nigeria’s digital environment safer and more trustworthy.
“This initiative will also work closely with the private sector. They are the main drivers of adoption, and it won’t be a challenge because, for them, it helps build reputation and customer confidence,” Inuwa said.
“For citizens, it builds confidence and trust that when they interact and transact online, they are dealing with authentic websites and providers,” he added.
Representing NACCIMA, Mr Suleiman Adebayo Audu, an Advisor to the Association, commended NITDA and GIZ for initiating the project, describing it as “a timely and impactful effort” that will improve business confidence and international perception.
“Many genuine Nigerian businesses lose customers due to a lack of trust. This seal will help restore credibility and make Nigerian SMEs more competitive globally. NACCIMA will work with our state chambers to sensitise members and support them through the verification process,” Audu said.
Mr Chinedu Albert, a consultant with GIZ, reaffirmed the organisation’s support, noting that the initiative aligns with GIZ’s broader mission of promoting safe, inclusive, and transparent digital ecosystems across Africa.
“Trust is the foundation of every digital transaction. Without it, progress slows down. Our role is to provide technical expertise and international best practices to ensure the seal serves all, including women-led businesses and startups,” Albert said.
In his remarks, Director of NITDA’s Cybersecurity Department, Dr Mohammed Lawan, described the initiative as a significant milestone in establishing a robust digital trust infrastructure for Nigeria.
“Trust is the currency of the digital economy. This seal will serve as a verifiable digital signature, reducing fraud and enhancing Nigeria’s reputation globally,” Lawan said.
He announced that NITDA would soon roll out stakeholder engagements, capacity-building workshops, and sensitisation programs to drive nationwide adoption of the Digital Trustmark Seal.
The event concluded with a call to action for all stakeholders, including the media, to play a vital role in amplifying awareness and reshaping Nigeria’s image on the global stage.
General News
Glo Celebrates IDGC, Educates Girls on Menstrual, Mental Health

This year’s observance of the International Day of the Girl Child began on Wednesday with Glo Foundation, the social responsibility arm of telecommunications company, Globacom, charging secondary school girls across the country to pay attention to their menstrual and mental health.
The Foundation reasoned that this has become imperative if the girls would grow into adulthood with confidence while embracing the future without inhibitions. It made this its focal point of engagement with girls in select schools. This year’s observance, with the theme: “The GIRL I am, the changes I lead: GIRLS on the frontline of crisis”, was an opportunity for the Foundation to reach out to students with information to promote the well-being of the girls.
The health awareness campaign in conjunction with the Health Aid for All Initiative (HAFAI), an NGO, sought to educate 100 girls from each of the selected schools in Lagos, Abuja, Port Harcourt, Benin, Owerri and Kaduna.
The schools included Community Secondary School, Port Harcourt; Methodist Government Junior High School, Agege, Lagos; LGEA Upper Basic School Kudansa, Maraban Rido, Kaduna; Oba Ewuare Grammar School, Oko Central, Benin City; Orogwe Secondary School, Owerri; and Junior Secondary School Dutse Sagwari, Abuja.
According to the Foundation, “Menstrual periods should never be a reason for a girl to lose confidence, miss school, or feel held back. That’s why we put this initiative together where we also provided menstrual care kits to the young girls in these selected states, to ensure that they have not just what they need, but also the reassurance that their growth and dignity matter”.
Dr Ugorchi Ohajuruka, a medical doctor and public health specialist and Mrs Lara Rowland took the students of Methodist Government Junior High School, Agege, Lagos through basic tips on menstrual health management and hygiene, gender based violence, mental health and allied issues of importance. They also encouraged the girls to ask pertinent questions relevant to the topic as well as their overall health and well-being.
The Principal of the school, Mr Olawale Adebakin, reiterated the importance of placing premium on the health and well-being of the girl child. “There is a need to take care of the girl child. We need to protect them so they will be useful for the development of the country,” he added.
The sessions witnessed similar experiences in the other locations selected by Glo Foundation for the observance in Abuja, Kaduna, Benin, Owerri, and Port Harcourt.
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