Nigeria: NAICOM & FintechNGR Inaugurates Insurance Policy Project as FintechNGR & Galaxy Backbone Set up Nigerian Domestic Cloud Initiatives

NAICOM & FintechNGR Inaugurates Insurance Policy Project as FintechNGR & Galaxy Backbone Set up Nigerian Domestic Cloud Initiatives
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In a bid to deepen its impacts on the policy landscape and make innovation more entrenched in Nigeria, FintechNGR has partnered with the National Insurance Commission (NAICOM) to develop a Fintech Adoption Roadmap Policy in the Insurance Sector, a feat it achieved in 2019 when it developed Fintech Adoption Roadmap Policy in the Capital Market in partnership with the Security & Exchange Commission under the aegis of Nigerian Capital Markets.

Similarly, FintechNGR is partnering with Galaxy Backbone, an agency of the Federal Government in charge of Satellite, Cloud and ICT management to develop a Nigerian Domestic Cloud initiative that will domesticate cloud businesses in Nigeria.

The inauguration of the Insurance Roadmap Committee by Mr Sunday Thomas, the Insurance Commissioner, was a significant step towards driving digital transformation in the insurance sector.

According to Mr Thomas ‘the policy will further help the sector to leverage technology to enhance transparency, speed, and efficiency in insurance services, ultimately making insurance more accessible and affordable in the overall interest of driving financial inclusion’.

In his words, Dr Stanley Jacob, Vice President of FintechNGR says, ‘the policy will open market and market access, drive digital presence, and aid insurance penetration’. His comments highlight the potential impact of the policy on expanding market opportunities and increasing the accessibility of insurance services.

In addition, Galaxy Backbone initiative would promote indigenous cloud services, develop cloud adoption frameworks, and make cloud infrastructure available to startups and Nigerians at affordable rates.

These two initiatives aim to drive innovation in the financial services sector and help Nigerians harness data, access array of opportunities, make insurance and emerging technologies more attractive.

Overall, the projects are a further testament to FintechNGR’s commitment to driving innovation and collaboration within the ecosystem, with a focus on leveraging technology to enhance efficiency and accessibility. It also attests to the openness of the Regulators to deepening innovation as they create balanced policies.

About FintechNGR:

FintechNGR is the premier national fintech association in Africa, dedicated to accelerating fintech growth, connecting stakeholders, and advocating for the adoption of regulatory supports and reforms.

With a diverse membership base spanning various sector. FintechNGR aims to foster an innovation-driven environment and make Nigeria one of the world’s leading markets for fintech innovation and investment.

For inquiries and further information, please contact:

Name: Seun Folorunso

Title: Head. Projects & Relationships


Phone: +2349030003013

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