General News
MobileMoney and Future of Insurance in Nigeria

With growing incidences of natural disasters, crop failures, investment uncertainty, growing population and dwindling natural resources, Africans are more than ever before exposed to the effects of global recessions, environmental degradations with negative effects on incomes during active duty and beyond.
Africans that are covered by any form of protection in form of insurance are minimal across the entire population of Africa.
Around Africa, mobile networks, governments, independent organizations, micro finance providers are joining forces to provide low cost insurance to millions of people through the ubiquitous mobile phone.
In Most African countries, insurance penetration is low while mobile phone is available to more than half of the adult population across different segments of the economy.
Why mobile money is powered life insurance gaining momentum and appeal across Africa Mobilemoney powered life insurance is a quite easy to use with minimal form filling, cost effective, convenient, with flexibility and the trust in brand of the Mobile network and insurance partner.
Regulations
As mobile network and nontraditional micro insurance providers and innovators begin to see benefits of providing low value insurance services to currently underserved and uninsured low segments of the society, how will the regulators deal with these innovations and players?
How is the insurance regulator positioned to understand the impact of mobile financial services on the industry? What is the wiliness of the insurance regulator to allow innovations influence new radical thoughts while balancing risk and ensuring certainty in the industry.
What level of cross regulation knowledge sharing is available for the insurance regulators across Africa from the primary mobile financial services regulator of Banking services and telecommunications?
Providing low value transaction systems and applications is a technology play for Mobile network operators but the major drawback for them is that they are not primarily providers of insurance services, with limited understanding of the processes of managing premium and investments.
While the traditional insurance providers are hampered with limited understanding and management of technologies and applications necessary for mass market products like micro insurance.
Developing the right partnerships and credibility are the foundation for building a successful mobilemoney based micro insurance product.
Mobile money micro insurance services adequately addresses the shortcomings of traditional channel of deploying insurance services since potential customers can be directly engaged and educated via the mobile phone, instant provisioning of services, payment systems that is efficient and available anywhere and anytime, cost effective methods of premium collections and reduced policy enrollment cost per cover.
South Africa
Over the counter availability like the Old Mutual’s offer though the shoprite stores is one of such initiatives that is bridging the gap between the mass market and the insurance cover.
KENYA – MICRO ENSURE, YuMobile
There is an on- going effort in Kenya where a “private-private-NGO” partnership between Safaricom (the parent company of Kenya’s mobile money transfer service M-Pesa), an insurance company, fertilizer and seed companies and an agricultural foundation has produced an innovative micro-insurance scheme in Kenya.
The crop insurance scheme, called “Kilimo Salama” (safe farming in Kiswahili), collects insurance premiums using M-Pesa when farmers purchase seeds and fertilizers, and in the event of adverse weather, makes payouts directly into the M-Pesa mobile phone accounts of the farmers which then visits any local agent to cash out the amount without visiting a Bank branch.
Last week in Kenya, a micro insurance product called Yucover, launched by yuMobile and underwritten by Jubilee Insurance and powered by MicroEnsure in a country with current insurance penetration rate that stands at 3.02 per cent and projected to double the cover likely within one year of deployment of this innovative product.
Ghana
International insurance group Hollard Insurance, independent mobile financial services enabler MFS Africa and microinsurance intermediary MicroEnsure had also launched the West Africa’s first mobile money insurance service, mi-Life in Ghana.
Mi-Life insurance provides money in the event of death of the subscriber or the next of kin. The Premium payment for insurance is deducted from the Mobile Money wallet once per month.
The subscriber will receive an SMS to inform when the monthly premium is deducted and insurance cover is renewed.
Once the premium is deducted, the insurance cover lasts for one month until the next monthly premium is deducted.
If there are insufficient funds in the wallet, Subscriber will receive an SMS reminder so that he / she can top up wallet and keep life insurance cover active.
Users will also be able to initiate claims, queries and make premium payments using their handsets.
Register and join us on Oct 4th and 5th for Mobile Money Agency risk management and a study tour of Tigo cash and Micro Ensure in Accra – Ghana.
Emmanuel Okoegwale
Principal Asscociate – MobileMoneyAfrica
[email protected]
General News
NIHSA Warns States of Possible Flood within Seven Days

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.

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.
“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.
General News
First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

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

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.

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.
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.
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
News3 days agoXora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty
Telecom3 days agoNCC Advances Dig Once Policy, Engages Stakeholders on Cost-Based Framework for Duct Sharing
Telecom3 days agoNCC to Keynote Telecom Sector Sustainability Forum 7.0
General News3 days agoFG Secures Fresh $208.3m World Bank Loan for Cash Transfer
News3 days agoHow Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
Telecom2 days agoMTN Nigeria Slashes Cost of Broadband Internet Router, Unwraps New Data Bundles for Low-Budget Users
News3 days agoPalmPay Nigeria Appoints Samuel Oluyemi as Chief Operating Officer
E-Financial2 days agoNigerians Accumulate $59Bn in Cryptocurrency Assets —FDC



















