Key points
- Insurance regulators from Nigeria and Ghana have reaffirmed their commitment to deeper regional cooperation.
- Both countries identified innovation, insurance penetration and financial inclusion as key drivers of economic growth.
- The partnership is expected to accelerate InsurTech adoption and strengthen Africa’s insurance ecosystem.
Main story
Nigeria and Ghana have taken steps to strengthen bilateral cooperation in the insurance sector as part of efforts to drive innovation, expand financial inclusion, and enhance the industry’s contribution to economic development across Africa.
The renewed commitment followed a working visit by Ghana’s Commissioner for Insurance, Abiba Zakariah, to Nigeria’s National Insurance Commission (NAICOM) in Abuja.
The visit brought together regulators from two of West Africa’s largest economies to explore opportunities for collaboration in insurance regulation, technology-driven innovation, and market development.
Welcoming the Ghanaian delegation, Nigeria’s Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, highlighted the strategic importance of the insurance sector in fostering economic stability and sustainable growth.
Omosehin stressed that insurance remains a critical tool for managing risk, protecting investments, and building financial resilience among individuals and businesses.
He noted that efforts to reduce poverty and promote inclusive economic growth across the continent would be difficult to achieve without significantly improving insurance penetration.
According to him, a robust insurance industry provides a safety net that empowers businesses to thrive, protects livelihoods, and contributes to long-term economic development.
The issues
Despite Africa’s growing population and expanding economies, insurance penetration across the continent remains among the lowest globally.
Limited awareness, inadequate access to insurance products, and low levels of financial literacy have continued to constrain the sector’s growth.
Industry experts have consistently advocated stronger regional collaboration among regulators to address common challenges, harmonise standards, and leverage technology to broaden access to insurance services.
The increasing adoption of InsurTech solutions is also creating new opportunities to improve efficiency, enhance customer experience, and extend coverage to underserved populations.
What’s being said
Omosehin emphasised that strengthening insurance penetration is essential for achieving broader economic and social development objectives across Africa.
He noted that insurance plays a pivotal role in reducing vulnerability to financial shocks and supporting inclusive prosperity.
In her remarks, Zakariah expressed appreciation for the warm reception and reaffirmed Ghana’s commitment to deepening partnerships with Nigeria and other African countries.
She said collaboration among insurance regulators remains crucial to unlocking innovation, expanding market opportunities, and promoting financial inclusion throughout the continent.
According to her, stronger regulatory cooperation will help create a more competitive and resilient insurance industry capable of meeting the evolving needs of African economies.
What’s next
Both regulators are expected to explore additional areas of cooperation, including knowledge sharing, capacity building, regulatory harmonisation, and the adoption of emerging insurance technologies.
Stakeholders anticipate that stronger collaboration between Nigeria and Ghana could serve as a model for broader regional integration within Africa’s insurance industry.
The partnership is also expected to support the development of innovative insurance products and improve access to financial protection for individuals and businesses across the region.
Bottom line
The engagement between Nigeria and Ghana signals a growing commitment among African regulators to build a stronger, more innovative insurance industry. By leveraging technology, enhancing cooperation, and expanding insurance access, both countries aim to strengthen financial resilience, drive economic growth, and accelerate financial inclusion across the continent.
