E-Financial
NAICOM, NSC Partner On Insurance Cover
The Nigeria Shippers Council, NSC, said it is in collaboration with the National Insurance Commission (NAICOM), to reduce the cost of doing business through the introduction of insurance cover on Containers regime and risk management at the various Ports.
Hassan Bello, NSC Executive Secretary, made the disclosure when the Council’s delegation paid a courtesy visit on the Management of NAICOM in Abuja.
He emphasised that insurance should be looked at in the area of policies involving goods on transit, accidents, loss, damages away from religious sentiments that everything happened for a reason which could be prevented.
He said that the Containers Deposit at the Ports is about N150,000 to N200,000 on each containers which runs into billions making supply costly, as most of the containers could not be returned within the expected date due to the nature of the roads.
“As our functions as Ports regulator, we have our eyes on the cost of doing business in Nigeria. So, in the ease of doing business and the cost of doing business, we want to make our Ports competitive, so we have to moderate the cost. One of the cost is Insurance deposits that Shippers pay for taking the containers out of the Port.
“The containers are the assets of the shipping companies, they must be returned in perfect condition and so they don’t get that because as at the time the containers are not returned, the deposit is not refunded, when you returned the containers in good time , you collect your deposit back.
“However, that is not as simple as that, access to the port maybe difficult and if a container is not returned within a certain time limit, they could be a problem, one loses his deposit or part of the deposit and so the shippers have to forgo the deposit.
“Sometimes the shipping company even when the containers are returned they don’t pay the deposit in good time and that is money lost, so what we are saying is there are a lot of issues like that, that we could have the insurance company come to take care of,” he noted.
He further said that the insurance company could come in, to make sure the containers are covered at a lesser cost, to reduce some of the challenges faced by the Shippers.
“We want policy on the participation of insurance in container regime, there is policy on goods in transit of course, we want the policies to cover most of the risk that Shippers, freight forwarders incur including demurrage, rent.
“If this could be covered that will make shipping extremely cheaper and also Door-to-Door delivery of cargoes, which will be covered by insurance,” he said.
Bello, however, said that inspite of the pandemic the Council was working with all other maritime agencies to look into digitalisation of Ports to limit the access of physical contact.
He also said that the Kano State government had voted about N2 billion for the structures around Zawachiki Inland Dry Port which has been concession to Dala Dry Port Nigeria limited.
Responding, Commissioner for Insurance and Chief Executive Officer of NAICOM, Olorundare Thomas, said he has being looking forward to the collaboration between the two organisations on how to make insurance significant in the marine sector.
He commended the NSC for bringing up creative and developmental ideas that would deepen the market of the commission in the maritime industry.
“As far as I can remember this will mark one of the few times that any of our stakeholders will come with developmental ideas that will enhance the thought of the commission on how to deepen the market and how to make insurance relevant to our daily living.
“When it comes to trading marine on its own is in the frontline and insurance itself move with trading, insurance started with marine insurance largely before fire, but marine is quite critical in the history of insurance development.
“With what we have gone through in the country and globally, we need to take insurance more seriously than ever, than what we have done in the past, I have listened to you and I have taken note, this are things we must collaborate and work together as agencies of government.
“It is important for us that marine insurance today, what we are getting from marine business is not consistent with transaction in the marine sector, in terms of contribution to insurance penetration is almost insignificant but as an economy, we know that is not the true reflection of what is happening in the Marine Sector and I am happy for your creative ideas,” he said.
The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.
L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.
The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.
Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.
“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.
“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.
This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.
“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.
The draws for the new season are going to be the same like the previous ones as it will be held in different regions.
“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.
At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.
Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.
Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.
One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.
She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.
The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.
To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.
However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.
DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years. Please click HERE to learn more.
Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.
Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.
The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.
In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.
Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.
She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.
“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”
Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”
Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.
As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.
The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.
Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.
This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.
By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.
Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.
“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”
The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.
The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.
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