Analysis: Revolutionising Nigeria’s Microfinance Landscape Through Insurtech
Aderemi Fagbemi, Anthonia Udeh
In 2012, Nigeria launched a National Financial Inclusion Strategy (“NFIS”) in which it aimed at reducing the percentage of adult Nigerians that are excluded from financial services from 46.3% in 2010 to 20% by 2020.
This included a financial inclusion target of 40% in insurance by the year 2020. According to Enhancing Financial Innovation & Access (EFInA), a financial sector development organisation that promotes financial inclusion in Nigeria, this 40% target translates to about 43 million people of the adult population to be covered by insurance products by 2020 (about 107 million of which are over 15 years old based on 2017 population).
By 2018, it was obvious that the set target for insurance was nowhere near achievement and changes had to be made leading to the release of the revised NFIS.
Photo courtesy of hodag.