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Maduka Nweke and Chiamaka Ajeamo
In a bid to ensure that all Nigerians key into financial inclusion in the country, the federal government has restated its agenda to capture over 36.6 million Nigerians, representing 36.8 per cent of the working population through the micro segments of insurance and pension sectors.
This figure equally includes all Nigerians in the informal sector that are yet to officially embrace any form of financial services product.
Speaking at the National Insurance and Pension Correspondents (NAIPCO) 4th National Conference in Lagos yesterday, stakeholders in both sectors said majority of Nigerians in the informal sector were yet to embrace the benefits inherent in financial services products adding that, the need for micro pension and insurance arose to penetrate the grassroots and included those not currently registered in the Contributory Pension Scheme [CPS] nor covered by any form of insurance.
To realise this agenda, the Director General, National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, stated that the commission plans extending pension coverage to 30 million contributors by 2024, thereby ensuring that 40 per cent Nigerians are covered under the CPS, explaining that, the scheme was launched to provide the informal sector with a veritable means of securing old age income.
Dahir-Umar, who was represented by the Head, Benefit Administration Unit, PenCom, Babatunde Philips, said micro pension plan (MPP), would greatly reduce old age poverty and that the commission has deployed requisite infrastructure such as Enhanced Contribution Registration System (ECRS) to facilitate seamless operations of the MPP.
Also speaking, the Commissioner of Insurance, Sunday Thomas, said the National Insurance Commission (NAICOM) has been working hard in terms of financial inclusion in the past eight years as the commission has issued guidelines to ensure that those not in the formal sector embrace financial services.
The commissioner, represented by the Director, Governance Enforcement and Compliance, Leo Aka, disclosed that two companies had so far been approved to underwrite micro insurance products, two others are at the final stage of review while about seven companies are under review.
Thomas added that to ensure that micro insurance meets its objective and all Nigerians in the informal sector embrace financial services, collective efforts is required from all stakeholders.
