FintechNGR partners NAICOM on new roadmap for insurance sector

Galaxy Backbone set up Nigerian Domestic Cloud Initiatives
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 for the Insurance Sector, a feat it achieved in 2019 when it collaborated with SEC to develop The Fintech Adoption Roadmap Policy in the Capital Market.

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 the Insurance Commissioner, Sunday Thomas, is a significant step towards driving digital transformation in the insurance sector.

According to 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’.

According to Vice President of FintechNGR, Dr. Stanley Jacob, ‘the policy will drive digital presence, and aid insurance penetration’. His comments highlight the potential impact of the policy in expanding market opportunities and increasing the accessibility of insurance services.

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

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