E-Financial
NAICOM Compiles List of Insurance Firms Not Paying Claims
The National Insurance Commission, NAICOM is set to come hard on Insurance Companies with huge unsettled claims as the regulator frowns at such practice.
Already, the Agency has commenced profiling such companies with a view to determining the level of action against them.
Commissioner for Insurance Sunday Thomas who’s dropped the hint in Lagos noted that the times in which we are require more prudent management of resources in order to meet all stakeholders expectations including ensuring quality return on investments.
He said that the industry must shift focus to service delivery which will make companies to seek more reasons to settle client’s claims and less less reasons for repudiation of claims.
Thomas warned that the era of huge backlog of claims should no longer be associated with operating companies, revealing that the Commission is profiling companies with huge unsettled claims for necessary regulatory action.
The said that companies that are responsive to the plight of their clients in prompt settlement of claims would be encouraged to sustain the good business conduct.
Thomas who was addressing the 2020 Insurance Directors Conference, with the theme, “Insurance Industry Post Pandemic: The Pursuit for Survival and Growth” said the theme was carefully crafted to ensure that governing structure of insurance institutions take into cognisance the effect of the pandemic in making policies and strategies that will encourage survival and growth of the institutions post pandemic.
Thomas observed that the year 2020 has been a challenging one for all businesses including insurance, which has also provided opportunity to break into new areas of cover and service delivery in the insurance sector.
“Thus, a paradigm shift from the usual way of governance and doing business in our institutions has become inevitable. This shift has to start from the Boardrooms; the policy directions you will give will go a long way in ensuring sustainability and development of your various institutions.”
According to him, “the present challenges brought about by the pandemic in the economy in general and our industry in particular are enormous.
“Critical measures are therefore required of us that sit on top of the pyramid. It must be emphasised that the insurance sector require more urgent recovery post COVID – 19 to support the recovery and restoration of other businesses”.
He said , “Operators in the industry must strengthen their human and financial capital for effective participation in big ticket risks. It has been observed that the gains of domestication policy of the government as enshrine in the Nigeria Content Development Act 2010 is gradually loosing its meaning for the insurance sector.
More businesses especially in the oil and gas and the Aviation sectors are now been re insured abroad. Of more concern is the declining participation of life companies in the annuity business which is the emerging business for our industry.
These are the areas where the industry can impose itself on the economy through the control of funds for national development.”
The Commissioner, charged Operators in the Industry to invest handsomely in technology, because it is one of the key drivers for developing the market.
“The Institutions should be prepared to digitalise their processes, procedures and systems in order to make their operations seamless and real time. The Commission is investing heavily in automating its processes and expects nothing less from the insurance institutions.
An industry Information Technology Guideline has been issued for the operators and the Commission requires your support and cooperation for effective compliance.” he said.
He also emphasized on the need to invest massively in awareness campaign about insurance because there seem to be a consensus that public perception of insurance still remains very low largely due to lack of awareness by the public.
He also noted that the total lack of understanding of the business of insurance and the benefits that are offered is equally hurting the industry, and advised that the strategy must change as insurance institutions must make themselves visible in all geo – political zones in the country and must take marketing of insurance products to a higher level than the present.
He again pointed that the recent crises associated with #EndSARS protest which led to the destruction of lives and properties is indeed an eye opener and an opportunity for companies to engage in massive awareness programs on relevant insurance cover for lives and properties of individuals and all businesses.
“Innovation in our industry will differentiate companies in terms of meeting stakeholders expectation.
“As you may be aware, the Commission on its part has shifted its focus to market development for an inclusive development of insurance across all strata.
These initiatives are anchored on Innovation, Distribution and Efficient Service Delivery. We expect that insurance institutions will also formulate policies along these direction.
The Commission is committing huge resources for manpower development in the insurance sector in collaboration with relevant partners in order to bridge the gap currently existing in our system. Your support and cooperation is required in this regard for your institutions to benefit from this giant stride.
The programme includes the development of professional underwriters, Certified Actuarial Analysts and qualified Actuaries. The development of these professionals will no doubt define the growth trajectory of the business of insurance in Nigeria.”
Proparco and Ecobank Group have signed a €10m trade finance guarantee for Small and Medium-sized Enterprises (SMEs) in Africa
The €10m trade finance guarantee facility was signed for Ecobank Chad to facilitate imports of raw materials essential for creating added value in the country.
The programme addresses supply needs not covered by the local market and is part of the Food & Agriculture Resilience Mission (FARM) initiative launched in 2022 by France, together with the European Union, the G7, and the African Union.
Its objective is to strengthen food security in the most vulnerable countries.
This guarantee is also part of the Choose Africa programme run by the AFD Group (Agence Française de Développement, Proparco, and Expertise France), which provides financing solutions to small African businesses, start-ups, micro-enterprises, and MSMEs, supporting them through the various stages of their growth via local partners backed by the AFD Group.
Speaking on the agreement, Jeremy Awori, group chief executive officer, Ecobank, said, “This renewed partnership with Proparco reflects our shared commitment to strengthening the economic resilience of Chad and the wider region, contributing to the implementation of Chad’s new National Development Plan.
“By facilitating access to essential raw materials, we are supporting local industrialisation, food security, and value creation on the continent. Using the combined expertise of our pan-African network and Ecobank International in France, we will continue to support our customers by facilitating trade and strengthening risk management to build sustainable growth.”
Djalal Khimdjee, deputy chief executive officer, Proparco, commented, “We are very pleased to welcome Ecobank Chad to the Trade Finance programme that we have co-developed with the Ecobank Group since 2018.
This new partnership will benefit local businesses, enabling them to import raw materials and become part of the international value chain to better meet the needs of local communities.
This transaction brings the total volume of trade finance guarantees granted to the Ecobank Group since 2018 to €125m.
Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to seek clarification from the corporation on status of suspicious financial institutions and report banking-related infractions to secure their funds.
Thompson Sunday, managing director/chief executive, NDIC, gave the advice on Tuesday at an event to mark NDIC special day at the ongoing Lagos International Trade Fair.
Sunday who was represented by Wale Sule, director of the Claims Resolution Department, said one of the mandates of NDIC is banking supervision.
He added that, the corporation is available to handle any bank customer’s complaints unresolved by banks within two week.
He explained that the mandate of NDIC is to guarantee depositors funds, supervise banks, resolve distressed insured institutions and liquidate failed banks.
He also explained the collaborative role with the Central Bank of Nigeria (CBN) to maintain banking sector stability, enforce regulatory compliance and ensure effective oversight taking institutions
The NDIC boss urged depositors to escalate unresolved complaints to NDIC through its official channels, social media handles, help lines, website, email, offices nationwide, among others.
e also advised the public to watch out for NDIC protection logo towards escaping gimmicks of wonder banks.
“A Wonder Bank cannot have a logo that says protected by NDIC,” he said.
He said if any bank is soliciting for funds, customers should walk into any NDIC offices to complain or verify their authenticity through all NDIC official help lines.
He said the theme of the 2025 fair: “Connecting Business, Creating Value”aligned closely with the public policy objectives and mandate of NDIC.
Sunday said that the fair provided a valuable platform to showcase the ingenuity of the nation’s entrepreneurs, capacity of manufacturers and the creativity of small, medium, and micro enterprises (SMEs).
He added that the fair also highlighted the critical role of the organisation’s financial system as a vehicle that connects economic activities for sustainability and growth
Mastercard has launched a new suite of premium lifestyle benefits dubbed The Mastercard Collection, aimed at enhancing the experiences of its high-tier cardholders across Eastern Europe, the Middle East, and Africa (EEMEA).
The offering, which complements existing bank-issued rewards, is available to holders of World, World Elite, and the newly introduced World Legend and World Legend Exclusive Mastercards — the company’s most exclusive credit card tiers to date.
Speaking on the launch, Prakriti Singh, Executive Vice President, Core Payments, EEMEA, Mastercard, said the initiative is designed to transform everyday transactions into memorable experiences.
“Consumers today don’t just want access to benefits; they want moments that make memories,” Singh said. “Through this launch we are turning everyday payments into extraordinary possibilities.”
The Mastercard Collection includes priority access to curated dining, entertainment, and travel experiences in over 45 destinations. Cardholders can enjoy exclusive menus at top restaurants such as Aelia, Andaliman, and La Dame de Pic in Dubai and Istanbul, among others.
In partnership with Live Nation, Mastercard is also offering pre-sale tickets, premium seating, and VIP access to over 75 concerts annually in the region and more than 2,500 events globally.
Travel benefits include complimentary access to 1,350 airport lounges worldwide, discounts on terminal services, and fast-track security lanes at over 30 airports — including an exclusive lane at Istanbul Airport.
Ahmed Abdel-Karim Hussein, Executive Vice President, Integrated Marketing and Communications, EEMEA, Mastercard, said the initiative reflects the company’s commitment to connecting people to their passions.
“Our research shows that nearly 75 per cent of cardholders feel their best when pursuing passions like culinary exploration and cultural immersion,” Hussein said.
The World Legend Mastercard is currently available to banks in the region and will be rolled out to cardholders in the UAE, Saudi Arabia, and Türkiye in Q4 2025.
Eligible cardholders can access the benefits via priceless.com/themastercardcollection.
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