Microinsurance, a new legislative framework to be soon established

The publication of the legislative framework regulating the microinsurance business has been long awaited by the sector's professionals. Naicom, the insurance supervisory authority, is currently proceeding to the final adjustments of the text which is to be published shortly. The new legislation is likely to strengthen cooperation between insurers and banks specializing in microfinance. Low-income citizens will, therefore, have access to insurance products as well as loans. About 20 million Nigerians are customers of micro-banks. This population represents a significant potential for insurers interested in this new market.

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