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NAICOM, FSD Africa Partner to Promote Innovation, Trains 70 Staff on Risk Based Capital


The National Insurance Commission and the Financial Sector Deepening Africa(FSD Africa), has partnered to promote innovation and growth for the regulator and insurance operators in the Nigerian Insurance industry.

This was made known in a statement by the Commission, Friday, when the Managing Director Financial Sector Deepening Africa, Mr. Mark Napier along with his Management team paid a courtesy visit on the Commissioner for Insurance Nigeria, Mr. Olorundare Sunday Thomas, in Abuja.

The FSD Africa is a specialist development agency working to build and strengthen financial markets across sub-Saharan Africa

Sequel to the partnership entered into by the National Insurance Commission (NAICOM) with FSD Africa, A Risk Based Capital (RBC) training for seventy (70) staff of NAICOM had been ongoing for two (2) weeks.

The training which is being facilitated by Mr. Elias Omondi, Principal in charge of innovation at FSD Africa, is expected to end on Friday 28 July, 2023.

Other benefits of the partnership for the Nigerian Insurance Industry include:

Development of Risk Based Capital framework and toolkit.

Incorporation of Economic, Social and Governance (ESG) Principles into our operations.

Development of Innovation portrait which would facilitate innovation for the regulator and insurance operators amongst others.

It is expected that the partnership would provide tools and resources to support sustainable economic development in the Nigerian Insurance sector.

It will also bring about growth and opportunity that would help create a sustainable future for the Insurance Industry.

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