The President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, has highlighted the far-reaching benefits of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as a game-changer for the sector and the wider economy.
Delivering a goodwill message at the 2nd Business Journal Fintech and Financial Inclusion Roundtable in Lagos, through Mrs. Bukola Ife Made, former Chairman of the NCRIB Lagos Area Committee, Prince Oguntade applauded the Federal Government’s ongoing reforms aimed at repositioning the insurance industry for growth and sustainability.
According to him, NIIRA 2025 marks a significant milestone in the drive toward innovation, digitization, and consumer protection within the insurance ecosystem.
He stressed that the Act will improve the operating environment for professionals, expand compulsory insurance coverage, and enforce stricter claims settlement timelines, thereby restoring and boosting public trust in the industry.
Speaking on the theme of the conference, “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria,” Oguntade underscored the transformative role of financial technology in deepening access to financial services, particularly among underserved populations.
He described fintech as a critical driver of inclusion and a catalyst for economic participation.
The NCRIB President further commended the Nigeria Data Protection Commission for its enforcement of the Nigeria Data Protection Act (NDPA) 2023, stressing the importance of compliance in safeguarding customer information.
“As we leverage fintech to drive growth and inclusion, data protection and cybersecurity must remain top priorities,” he said. “The insurance industry is built on trust and reliability. Protecting the integrity of sensitive customer information is central to sustaining that trust.”
He reaffirmed NCRIB’s commitment to working with regulators and stakeholders to address emerging challenges and opportunities in fintech adoption, financial inclusion, and insurance practice.
“Collaboration and innovation will be key to unlocking the full potential of fintech in our industry,” Oguntade added. “As insurance brokers, our Council is ready to support and encourage all initiatives that integrate technology into insurance operations. We see fintech not as a threat, but as an enabler of growth and efficiency.”
READ ALSO: NCRIB urges FG to prioritise insurance as driver for $1trn economy
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