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Home Economy Insurance

FintechNGR Partners NAICOM on Insurance Policy Project

Joins hands with Galaxy Backbone Set Up Nigerian Domestic Cloud Initiatives

by Staff Writer
May 13, 2024
in Insurance
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FintechNGR and Galaxy Backbone
L-r: Adepoju Adeyanju, managing director/CEO, Galaxy Backbone Limited and Stanley Jacob, vice president of FintechNGR

L-r: Adepoju Adeyanju, managing director/CEO, Galaxy Backbone Limited and Stanley Jacob, vice president of FintechNGR

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In a bid to deepen its impacts on the policy landscape and make innovation more entrenched in Nigeria, FintechNGR has partnered with the National Insurance Commission (NAICOM) to develop a Fintech Adoption Roadmap Policy in the Insurance Sector.

With this partnership, FintechNGR will set to achieve similar feat it did in 2019 when it developed Fintech Adoption Roadmap Policy in the Capital Market in partnership with the Security & Exchange Commission under the aegis of Nigerian Capital Markets.

Similarly, FintechNGR is partnering with Galaxy Backbone, an agency of the Federal Government in charge of Satellite, Cloud and ICT management to develop a Nigerian Domestic Cloud initiative that will domesticate cloud businesses in Nigeria.

The inauguration of the Insurance Roadmap Committee by Mr Sunday Thomas, the Insurance Commissioner, was a significant step towards driving digital transformation in the insurance sector.

According to Mr Thomas ‘the policy will further help the sector to leverage technology to enhance transparency, speed, and efficiency in insurance services, ultimately making insurance more accessible and affordable in the overall interest of driving financial inclusion’.

In his words, Dr Stanley Jacob, vice president of FintechNGR says;

‘the policy will open market and market access, drive digital presence, and aid insurance penetration’.

His comments highlight the potential impact of the policy on expanding market opportunities and increasing the accessibility of insurance services.

FintechNGR and NAICOM
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FintechNGR and NAICOM

Similarly, the partnership with Galaxy Backbone  would promote indigenous cloud services, develop cloud adoption frameworks, and make cloud infrastructure available to startups and Nigerians at affordable rates.

FintechNGR and NAICOM
FintechNGR and NAICOM

These two initiatives aim to drive innovation in the financial services sector and help Nigerians harness data, access array of opportunities, make insurance and emerging technologies more attractive.

Overall, the projects are a further testament to FintechNGR’s commitment to driving innovation and collaboration within the ecosystem, with a focus on leveraging technology to enhance efficiency and accessibility. It also attests to the openness of the Regulators to deepening innovation as they create balanced policies.

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Tags: Cloud and ICTDr Stanley JacobFinTechngrGalaxy BackboneNAICOMNigerian Domestic CloudSatelliteSecurity & Exchange Commissionstartups
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