The National Insurance Commission (NAICOM) has hosted top officials from the Central Bank of The Gambia in Abuja to share ideas and build stronger ties in insurance regulation across West Africa.
The visit, led by Nyang Medeleine Gomez, focused on learning from Nigeria’s experience in three key areas:
- Risk-based supervision
- Prudential regulation
- Inclusive insurance for underserved populations
NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, and Deputy Commissioner for Finance and Admin, Ekerete Ola Gam-Ikon, welcomed the team on behalf of the Commissioner for Insurance, Mr. Olusegun Omosehin.
“No regulator has all the answers. Sharing knowledge helps us all grow stronger,” Dr. Jankara said.
What the Gambia Came to Learn
Gomez said the goal of the visit was to understand how NAICOM is:
- Managing risks in the insurance sector
- Protecting customers and building trust
- Making insurance more accessible, especially to low-income Nigerians
She praised Nigeria’s progress and said the insights would help strengthen The Gambia’s own insurance industry.
Nigeria’s Progress in Insurance Regulation
Dr. Jankara explained how Nigeria’s insurance regulation has improved, especially in corporate governance. He said NAICOM has moved from just ensuring companies meet rules to enforcing them more strictly.
He also mentioned that a new Insurance Regulatory Bill, once signed into law, will help support the government’s ambition of building a $1 trillion economy.
“This new law will boost investor confidence and help grow the insurance industry,” he said.
Boosting Financial Inclusion
Dr. Jankara also highlighted how NAICOM is pushing for insurance for all Nigerians. He shared that:
- 15 microinsurance companies have been licensed
- 6 Takaful (Islamic insurance) providers are now operating
These are helping to increase insurance access in rural and low-income communities.
He assured the Gambian team that NAICOM would provide the needed resources, including templates and manuals, to support their journey.
“We’ll continue working together through our technical departments to share knowledge and tools,” he said.
A Step Forward for African Insurance
This partnership between Nigeria and The Gambia reflects a growing effort to build stronger, more stable insurance markets across Africa. Both countries believe that by working together, they can improve customer protection, boost trust, and grow insurance coverage.
