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In a bid to capture the people at the grassroots in insurance coverage, especially low income Nigerians in rural and urban communities, Goxi MicroInsurance Company Limited was yesterday launched in Lagos to cover their lives, farms, shops and other assets.
Its Chairman, Mr. Godwin Ehigiamusoe, said that Goxi was the first stand-alone licensed micro insurance company under the micro insurance guidelines of the National Insurance Commission (NAICOM). He stated that the establishment of the company was in line with Lift Above Poverty’s (LAPO) institutional mandate of improving lives and supporting micro and small businesses.
He said that it was his organisation’s conviction that low-income people and owners of micro and small businesses require robust risk mitigation services. He added that by the nature of their slim economic base, the targets of the scheme who are low-income people and micro and small enterprises are highly vulnerable, hence the establishment of Goxi Micro Insurance.
“The death of a bread winner in a low-income household can be devastating. Fire in the market place can wipe out the entire assets of an owner of micro and small businesses. Access to insurance cover is therefore vital to efforts to address poverty and expand the frontiers of finance.”
