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By Henry Uche
A delegation from the Central Bank of The Gambia, led by Nyang Medeleine Gomez, recently paid a working visit to the National Insurance Commission (NAICOM) in Abuja to deepen regulatory collaboration and gain insights into key areas including Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance.
Welcoming the delegation on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, the Deputy Commissioner (Technical), Mr. Usman Jankara, alongside his counterpart in charge of Finance and Administration, Mr. Ekerete Ola Gam-Ikon, expressed NAICOM’s enthusiasm for mutual learning and regional cooperation.
Describing the visit as a “knowledge-sharing engagement,” Jankara remarked that “no one regulator has all the answers,” underscoring the importance of peer-to-peer learning in strengthening regulatory institutions across the continent. He reiterated NAICOM’s commitment to supporting the Gambian team in all focus areas of their mission.
He noted that Nigeria’s regulatory framework has undergone significant transformation, especially in corporate governance, where the Commission has shifted from basic compliance to more robust enforcement strategies. He further explained that the anticipated Presidential assent to the newly passed Insurance Regulatory Bill would enhance the sector’s contribution to achieving Nigeria’s ambition of becoming a one-trillion-dollar economy.
Highlighting strides in financial inclusion, Jankara cited the Commission’s successful licensing of 15 microinsurance firms and six Takaful operators, developments that reflect NAICOM’s determination to deepen insurance penetration and serve a broader demographic.
To support the Gambian delegation, he assured that NAICOM would share relevant operational templates, regulatory guidelines, and manuals through its designated directorates. He also noted that continued engagement would be facilitated through key departments such as Inspectorate, Supervision, and Innovation & Regulation.
Speaking on the purpose of the visit, Gomez said the delegation was keen to understand how NAICOM has implemented a risk-based supervisory system to foster a stable and resilient insurance sector. She added that the team aimed to explore best practices for expanding access to insurance among underserved and low-income populations, and to gain deeper insight into prudential regulation frameworks that protect policyholders and uphold confidence in the market.
The visit marked a significant step in strengthening cross-border collaboration on insurance supervision, with both parties acknowledging the value of shared experience in advancing Africa’s regulatory landscape.
