How Micro-insurance Can Deepen Financial Inclusion In Nigeria-CBN

 The Central Bank of Nigeria and other stakeholders  in the nation’s  financial sector,have advocated the need  for partnership among microfinance banks to promote the expansion of micro-insurance as a tool for deepening financial inclusion.

They spoke  at the sixth annual symposium of the Nigerian Microfinance Platform organised by the Microfinance Learning and Development Center with the theme ‘Expanding the frontiers of financial inclusion: The micro-insurance option’.

Mrs Aisha Ahmad, the Deputy Governor, Financial Sector Surveillance, CBN, Mrs Aisha Ahmad, emphasized the need for a collective strategy to re-emphasise the importance of micro-insurance as a financial service.

According to her, it  was necessary to re-align it as a vital tool in attaining a higher level of financial inclusion within the Nigerian microfinance sub-sector through the security of micro- businesses.

She added: “Financial inclusion, which entails affordable and available access to financial services by every adult in any given country or area, also includes insurance; however, this aspect of financial servicing has been under-emphasised for too long.I consider it vital for us, through collaborative efforts, to look deeper into this shadowed aspect of financial inclusion, exchange ideas with our counterparts from other countries, build regulator/operator capacity and tackle issues within the sector to enhance the provision and availability of affordable financial services in Nigeria.”