By Chiamaka Ajeamo, [email protected]
AS part of efforts to increase financial inclusion in the country particularly in the informal sector, the National Insurance Commission (NAICOM), said it is collaborating with a non-governmental organisation (NGO); Star Sapphire Foundation, to sensitise Micro, Small and Medium Enterprises (MSMEs) on the need for micro insurance policy.
Commissioner of Insurance, Mr Sunday Thomas, made this known in Abuja, during a two-day national workshop on Micro-Insurance and Takaful.
Micro insurance is a type of insurance specially designed for low-income households or individuals and businesses who otherwise do not have easy access to big insurance products. It is tailored towards artisans, farmers, businessmen and women and are being accessed either through an agent or through the various associations these people belong to.
Represented by the Assistant Director for Financial Inclusion in the Commission, Ahmed Kollere, the Commissioner appreciated Star Sapphire Foundation for the second leg of the workshop which first held in Kano.
He said: “The purpose of financial inclusion is in five areas. The most important area is the coverage for Micro, small and medium enterprises (MSMEs).”
“This workshop is to support the growth and development of MSMEs in Nigeria. This initiative is to support MSMEs to remain resilient during turbulent times as we have witnessed with COVID-19, EndSARS protests and the recession.”
Also speaking with press at the event, the Head of Corporate Communication and Market Development Department of NAICOM, Rasaq Salami, said: “Our intention is to take this round the country because awareness is key. Majority of Nigerians do not know about insurance, and those who know don’t actually know the benefits inherent in its consumption.
Our goal is to ensure that people are educated, they know what to do and the benefits, they know their rights when it comes to claims settlement, and also, when they have issues with the companies, they know where to go to seek redress.
“My advice to companies, especially the MSMEs is to ensure that they take appropriate and adequate insurance to cover their businesses and to cover themselves as individuals, so that in the event of a loss, the insurance will bring them back to the level they were before the loss.
“As much as possible, we will support foundations and agencies that are willing to join us in this campaign to ensure that Nigerians are properly educated on insurance.”
In his remark the Chairman of Star Sapphire Foundation, Mr. Shehu Mohammed, said: “As humans, we always need insurance. We want to share with everybody – micro, small and medium businesses the need to take up insurance coverage.”