The Nigerian Council of Registered Insurance Brokers (NCRIB) has reaffirmed its commitment to supporting initiatives that drive fintech adoption and deepen financial inclusion across the country.
NCRIB President, Mr. Babatunde Oguntade, represented by Mrs. Bukola Ifemade, a former Chairman of the Lagos Area Committee, stated this at the 2nd Business Journal Fintech and Financial Inclusion Roundtable on Friday in Lagos.
Oguntade noted that fintech holds vast potential for Nigeria’s financial sector, particularly in expanding access to insurance services. Describing the conference theme, “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria,” as timely, he stressed the importance of collaboration and innovation in addressing industry challenges.
“On the part of insurance brokers, our council is ready to collaborate and support initiatives that integrate fintech into insurance operations. We see it as an enabler of our practice,” he said.
Oguntade also highlighted the recently signed Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a milestone for the sector, citing its provisions on digitisation, compulsory coverage, and stricter enforcement of claims settlement timelines. According to him, the Act will create a more conducive business environment, spur innovation, and strengthen consumer protection.
He, however, cautioned that greater reliance on technology must be matched with strong data protection and cybersecurity measures. He commended the Nigeria Data Protection Commission (NDPC) for its enforcement of the Nigeria Data Protection Act (NDPA) 2023, assuring that brokers remain committed to safeguarding clients’ sensitive information.
Also speaking at the event, Dr. Biodun Adedipe, Chief Consultant at B. Adedipe & Associates Ltd., urged policymakers to prioritise policy clarity, digital identity systems, and regulatory sandboxes to accelerate fintech growth. He stressed that trust, transparency, affordability, and financial literacy—particularly for women and rural communities—are vital for driving sustainable financial inclusion.
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