“Tech to Increase Youth Participation in Insurance and Capital Markets”

“Tech to Increase Youth Participation in Insurance and Capital Markets”

Experts have urged participants in the Nigerian financial sector to intensify their efforts to embrace technology as a means of attracting and increasing the participation of young Nigerians in the financial sector, particularly in the capital market and insurance sector.

Talking at the Supernews Nigeria Fintech Meeting in Lagos at the end of the week, they brought up that Fintech is as of now reclassifying business activities and making tasks quicker and more straightforward, hence, supporting unrivaled client administration conveyance.

Mr. Sunday Thomas, the commissioner for insurance and CEO of the National Insurance Commission (NAICOM), urged regulators like the Securities and Exchange Commission (SEC), the Nigerian Communication Commission (NCC), the National Pension Commission (PenCom), and the Central Bank of Nigeria (CBN), among others, to create an open and level playing field for a wide range of providers and to increase collaboration among themselves as this will create the ideal environment for technology to thrive.

Thomas, who was represented by Mr. Ajibola Bankole, the deputy director of the commission, urged regulators to improve data and technical expertise, support projects to improve product, service, and delivery channels, encourage collaboration and information exchange between various stakeholders, review fundamental laws and regulations, and implement necessary safeguards.

As far as he might be concerned, “As a subset of the Monetary Administrations Industry, the Protection industry has an obligation to ensure the maintainability of development and improvement of the economy and we think about innovation as a vital driver for market improvement.”

In order to accelerate the Insur-Tech eco-system, he stated that the commission has made significant investments in automating its processes and has facilitated the expansion of financial inclusion in the industry.

RELATED 500,000 To Benefit From WFP, UNICEF, German Government’s €40 Million Package In North East Airtel, UNICEF To Accelerate Access To Quality Education 1 HOUR AGO Seplat Energy “Court Strikes Out Criminal Charge Against Seplat” 1 HOUR AGO “We live in a dynamic age, where the application of technology not only enhances businesses for the purpose of maximization of profit but also now serves as a disruptor to existing business models.”

“When viewed in relation to; technology as a disruptor The new market platform is cloud computing, mobile computing, artificial intelligence, blockchain technology, IoT, data analytics, and usage-based insurance (PAYD, PHYD) using telematics. For instance, “it has been determined that Telematic is causing a disruption in the insurance industry by basically altering the way risks are evaluated and premiums are defined,” he stated.

However, he stated that NAICOM introduced the Microinsurance Guidelines and licensed eight microinsurers to address the insurance industry’s financial inclusion gap; delivered Takaful Rules and authorized 4 Takaful Organizations; as of late delivered the Bancassurance and the Internet Aggregator Rules that have drawn in numerous candidates and a few licenses have proactively been given.

Mr. Lamido Yuguda, the SEC’s director general, stated earlier that fintech is a game-changer in terms of expanding financial inclusion and deepening the capital market.

Yuguda who was addressed by the chief, Enlistment, Trades, market Framework and Development of SEC, Mr. Abdulkadir Abbas, expressed that, “conventional means can never again work, the typical period of financial backers in the capital market is 45-50 years and we are at present attempting to draw in the recent college grads to the market and this can be accomplished with the guide of fintech.”

While addressing the conference’s theme, “Imperative of Fintech in Promoting Financial Inclusion in Nigeria,” the SEC DG stated that fintech is crucial to the capital market because the sector’s transformation would not be complete without it.

Abbas stated Fintech is causing a kind of game-changer and a rapid transformation in the financial industry. It is a necessary component for increasing financial inclusion. We are looking into ways to use fintech to attract young people to the market. One way we intend to alter the dynamics of the capital market is by making fintech a potential opportunity for the market.

Abbas stated that the capital market initiated the fintech roadmap in light of the significance of fintech, which enabled the SEC to develop rules and innovations to support the initiative.

He asserts, “We had to come up with rules to support innovation, like the rules on crowdfunding, among other things, to deepen and broaden the market.”

“We all witnessed the success achieved by MTN’s electronic offering; many Nigerians were able to conveniently subscribe using their phones and other devices. We realized that fintech could open up investment opportunities, so we are intensifying these strategies to expand the market.

Mrs. Ngozi Onyeakusi, publisher and chief executive officer of Supernews Nigeria, stated in her remarks that the conference is focused on Fintech and Financial Inclusion, which have a lot of potential for the Nigerian economy and financial stability.

She said, the rise of Coronavirus, almost certainly, extended the requirement for the reception of fintech in day-to-day exercises and organizations but not without its chaperon difficulties.

Onyeakusi said the decision on the subject was pointed at contributing its share to the monetary consideration focus of the national government.

“The focus of this conference is on fintech and financial inclusion, which have a lot of potential for Nigeria’s economy and financial stability. It is a learning opportunity that aims to raise participants’ awareness of the role that fintech plays in making banking, capital market, insurance, and pension services cheaper, faster, and more convenient.