Gambia Embraces Nigeria’s NAICOM Framework to Bolster Insurance Regulation

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A high-level delegation from the Central Bank of The Gambia, led by Nyang Medeleine Gomez, has adopted Nigeria’s National Insurance Commission (NAICOM) regulatory approach during a recent working visit to Abuja. The visit focused on critical areas such as Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance. This move marks an effort to enhance regulatory capacity and deepen cross-border collaboration within Africa’s insurance sector.

NAICOM officials, including Deputy Commissioner (Technical) Usman Jankara and Deputy Commissioner (Finance and Administration) Ekerete Ola Gam-Ikon, welcomed the Gambian delegation. They emphasized the value of peer-to-peer learning and expressed readiness to support The Gambia’s regulatory development. Jankara noted that NAICOM is committed to sharing operational tools and guidance to help strengthen The Gambia’s insurance supervision capabilities.

The Nigerian insurance regulator has made considerable reforms in recent years, transitioning from basic compliance checks to a more robust enforcement regime. Jankara highlighted these advancements, particularly in corporate governance. He also referenced the anticipated Presidential assent to the new Insurance Regulatory Bill, which is expected to further energize Nigeria’s insurance industry and contribute to the nation’s one-trillion-dollar economic ambition.

Financial inclusion was another key theme of the discussions. NAICOM showcased its success in licensing 15 microinsurance providers and six Takaful (Islamic insurance) firms. These steps, officials noted, are part of a broader mission to extend insurance access to underserved populations and deepen market penetration.

Gomez, speaking on behalf of the Gambian delegation, said they sought to understand how NAICOM effectively implements a risk-based supervisory model. She expressed interest in learning best practices for enhancing consumer protection and building public trust in the insurance sector. Both countries agreed to continue technical collaboration, with NAICOM promising further engagement through its core departments and knowledge-sharing initiatives.

Source: The Sun

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