E-Financial
NAICOM Considers N1trn GPI Benchmark for Q1

The National Insurance Commission (NAICOM) may consider the first quarter of this year to meet the N1 trillion Gross Premium Income (GPI) benchmark in the industry.
The commission, in collaboration with industry stakeholders, had planned to accomplish the benchmark before the end of 2023, from N729.1 billion but failed owing to the inflation rate and some other economic headwinds.
The commission is hopeful it would attract expressed optimism that according to progress reports of the sector in 2023, it is on track to attain the long- expected N1trillion GPI target and likely kick-off date for risk-based capitalisation (RBC) this year.
These came to the fore when the Insurers Committee in Lagos at their last meeting in 2023. In the meeting, it was also disclosed that the commencement of risk-based capitalisation depends on the completion of risk-based supervision in the industry.
Speaking on the RBS, the chairman of the publicity sub-committee of the Insurers Committee, Ebelechukwu Nwachukwu, said the significance of continuous improvement in risk-based supervision for the growth of the insurance industry and the implementation of risk-based pricing.
Nwachukwu noted that the committee’s transformation roadmap includes proposals for increased awareness, enhanced market conduct, insurer partnerships with telecommunications and non-insurance channels, digitalisation improvements and the deepening of the talent pool within the insurance sector.
In the same vein, Rasaq Salami, the Head of Corporate Communications and Market Development, NAICOM, assured industry players that the finalization of Risk-Based Supervision (RBS) is progressing, emphasizing the exhaustive nature of the exercise.
He clarified that the commencement of risk-based capitalization depends on the completion of RBS.
Also speaking on the outstanding claims in the industry, Salami said NAICOM has mandated the Nigerian Insurers Association (NIA) to publish details on outstanding claims in prominent newspapers.
This initiative, he said, aims to facilitate policyholders in claiming their settlements. The NIA is given a two-week timeline to execute the publication, with a three-month monitoring period to assess improvements. If progress is lacking after three months, regulatory action may be taken.
According to the report from the underwriting companies, some of these outstanding claims are not as if the companies are not ready to pay, but the policyholders of them have not come up with the appropriate documentation to conclude the process.
“The other improvement and the addition today is that the NIA has been mandated to do this publication within the next two weeks for the next three months, we will monitor and watch, take statistics of what has been done, if after three months there are no improvements then we take it up as the regulator, that is when we can now ask the insurance companies to go out there and do their publication,” he said.
Salami reaffirmed NAICOM’s resolve to the passage of the consolidated insurance bill, assuring that the industry is aligned in this regard.
He commended improvements in claims payment and highlighted ongoing digitalisation, the creation of new products, and increased engagement between operators and customers as signs of positive changes and dynamic insurance landscape.
E-Financial
Africa Launches PAPSSCARD, First Pan-African Card Scheme

Africa has marked a significant step towards financial independence following the launch of PAPSSCARD, the continent’s first Pan-African card scheme.

Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank,
Unveiled on June 27 at the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, the new card represents a major leap in Africa’s efforts to achieve financial sovereignty by building resilient and independent payment systems, easing people travel and boosting trade integration.
PAPSSCARD, a joint-venture between the African Export-Import Bank (Afreximbank), the Pan-African Payment and Settlement System (PAPSS) and Mercury Payment Services (MPS), enables fast, secure, and affordable retail payments across African borders. Currently, most African card payments are routed through global systems causing increased fees and loss of data control. By processing transactions entirely within the continent, PAPSSCARD keeps value, data, and economic benefit in Africa.
Speaking at the launch, Professor Benedict Oramah, president and chairman of the Board of Directors, Afreximbank, highlighted the significance of PAPSSCARD in reclaiming Africa’s financial autonomy.
“For too long, Africa’s reliance on external payment systems has impeded trade, increased costs, and compromised control over our financial data. PAPSSCARD changes that. It empowers us to move money swiftly, securely, and affordably across our borders. It is a transformative step towards strengthening intra-African trade and preserving value within the continent.”
Mike Ogbalu III, CEO of PAPSS, described PAPSSCARD as a major advancement in the continent’s financial architecture, noting that it is “more than just a payment tool, it is a powerful symbol of progress and a bold step towards financial independence.” He added that the card reflects Africa’s ability to create practical, home-grown solutions that align with how the continent trades, lives, and grows.
Muzaffer Khokhar, executive chairman, Mercury, said the launch represents a milestone in Africa’s move toward financial sovereignty.
“We are proud to support a system built by Africa, for Africa. This is about sovereignty, innovation, and building trust in African systems to shape the continent’s financial future. The PAPSS Card will become Africa’s most trusted payments brand, strengthening the backbone of the continent’s financial future.”
John Bosco Sebabi, acting CEO of PAPSSCARD, added that the new payment offering will unlock benefits for a wide range of stakeholders, from corporates and banks to merchants and individuals.
He said that the PAPSSCARD card would “reduce costs for public institutions, support innovation across the financial sector, and expand access to secure, modern payment tools for people and businesses across the continent.”
Commemorative cards were unveiled at the 32nd Afreximbank Annual Meetings to mark the launch of the PAPSSCARD.
This initiative was made possible by strategic partnerships with issuing banks – Bank of Kigali and I&M Bank Rwanda; Rswitch, Rwanda’s national switch – Smart Cash; and Unified Payments, ensuring its seamless acceptance throughout Nigeria.
African central banks and payment systems are set to spearhead the continent-wide adoption and rollout of the new PAPSSCARD.
This initiative will significantly advance Afreximbank’s strategy to promote financial inclusion and boost intra-African trade under the African Continental Free Trade Area (AfCFTA), fostering a more integrated and self-sustaining African economy.
E-Financial
Polaris Bank Backs Ethical Journalism with Strategic Media Support

Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM. This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.
Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.
The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.
Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.
Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.
Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
- Broadcasting2 days ago
Nigeria Week Ahead: Inflation, Oil and Naira in focus
- News2 days ago
EFCC: Accusations Against Our Chairman Are Baseless and Misleading
- General News14 hours ago
Woodhall Capital and Partners Launch ₦1.5Bn Fund
- Telecom13 hours ago
MTN Nigeria Targets $1Bn Cloud Market with Largest Modular Data Centre
- General News14 hours ago
AM Best Reaffirms Stable Outlook for Cyber Insurance Market
- E-Business14 hours ago
Firm Highlights Top Risks of Quantum Computing
- News14 hours ago
FirstBank, NLNG, Shell back QEDNG Creative Powerhouse Summit
- Telecom13 hours ago
NCC Introduces N10m Licence Fee for Bulk SMS Service