•Seeks collaboration with NSITF

The CFI/CEO NAICOM, Mr. Olusegun Ayo Omosehin, on Wednesday received a delegation from the Nigerian Factoring Working Group in his office in Abuja. The delegation which included members from NEXIM Bank, CBN, GIZ and AfreximBank was led by Mr. Hope Yogo. The CFI welcomed the delegation.

The leader of the delegation Mr. Hope Yogo first congratulated the new Management on their appointment and expressed confidence that the leadership will effectively deliver on their mandate. He stated that the working group, which is expected to transform into an association very soon, was formed to develop a conducive legal and regulatory infrastructure for factoring in the country. He also stated that the main reason for their visit was to seek collaboration and partnership with the Commission and the insurance companies on their desire to engage all stakeholders in the value-chain and considering the vital role of insurance in factoring.

The CFI In his response, pledged full support of the Commission to the development of Factoring in Nigeria.

Meanwhile, the CFI/CEO NAICOM also paid a courtesy visit to the MD/CE Nigeria Social Insurance Trust Fund (NSITF) Mr. Oluwaseun Faleye at the NSITF Headquarters in Abuja on Wednesday 28th August 2024.

The purpose of the visit was to discuss areas of collaboration between the Commission and the NSITF to deepen insurance penetration, harnessing the benefits of both conventional and social insurance, data sharing and analytics, capacity building and training, creating awareness and advocacy, driving compliance with Insurance requirements and many more.

The two agencies agreed to set up a joint committee to drive the collaboration, harness the contribution of insurance generally to national output and also boost growth potentials of the insurance sector in Nigeria.

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