NAICOM Says 41.6 Million Nigerians Excluded From Financial Services

About 41.6million Nigerians are excluded from financial services, including insurance services, the National Insurance Commission (NAICOM) has said. The commission also said 40.1 million who live in the rural areas are excluded from any form of financial services.

Commissioner for Insurance/Chief Executive Officer, NAICOM, Mohammed Kari, disclosed this at the ongoing Chief Executive Officers’ retreat of the Nigerian Corporation of Insurance Brokers (NCRIB) in Uyo, the Akwa-Ibom State capital. Mr. Kari, in a statement endorsed by NAICOM’s Head, Corporate Affairs Department, Mr Rasaaq Salami, in Abuja, said in the past five years, the Gross Written Premium of the industry hovered between N300 billion and N320billion.

He said: “The Nigerian adult population which consists of people from 18 years and above is 96.4 million, out of which 59.6 million are living in the rural areas. Among this rural populace, 40.1 million are excluded from any form of financial services.

Additionally, the Nigerian formal sector provides income to only 7.9 million adults, representing 4.2 per cent, whereas 41.6 per cent are excluded from financial services, including insurance. “This offers a huge opportunity for “the future broker” to provide desirable services to close these existing gaps and enhance the general performance of the industry.

Photo Caption: Commissioner for Insurance/Chief Executive Officer, NAICOM, Mohammed Kari