Ebere Nwoji writes on how insurance sector regulator, NAICOM plans to use micro insurance to achieve financial inclusion
Achieving financial inclusion in insurance sector is one dream, which every insurance sector operator, including the National Insurance Commission (NAICOM), wishes to realise.
Unfortunately, unlike in the banking sector, insurance operators are yet to fully achieve this, as the sector is yet to experience boom in terms of patronage. This is despite operators’ efforts to popularise insurance among Nigerians.
Financial inclusion according to economy experts, is the process through which a society has access to different financial services, such as credit, savings, insurance, payment and pension services as well as financial education mechanisms, with the goal of improving its material conditions of well-being.
As it affects insurance, economy expert, Mapfre Economics, said financial inclusion focuses on allowing lower-income…
Source: Thisday Newspaper