WorldStage Newsonline– The National Insurance Commission (NAICOM) on Monday hosted a high-level delegation from the Central Bank of The Gambia on a strategic working visit designed to strengthen regulatory cooperation and promote mutual learning in the African insurance space.
Led by Mr. Nyang Medeleine Gomez, the Gambian delegation engaged with NAICOM officials to gain insights into Nigeria’s regulatory framework, with particular emphasis on Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance.
Welcoming the delegation on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, and Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, described the visit as a valuable “knowledge-sharing” opportunity. Dr. Jankara emphasized that “no one regulator has all the answers,” and stressed the importance of peer collaboration in building stronger institutions across the continent.
Mr. Gomez, in his opening remarks, outlined the Central Bank of The Gambia’s objectives for the visit, which include understanding how NAICOM has implemented a risk-based supervisory framework, exploring Nigeria’s strategies for expanding insurance to underserved populations, and learning best practices in prudential regulation to enhance market stability and consumer protection.
In response, Dr. Jankara detailed Nigeria’s regulatory advancements, noting that NAICOM has transitioned from basic compliance monitoring to more rigorous enforcement, especially in the area of corporate governance. He highlighted the anticipated impact of the recently passed Insurance Regulatory Bill, which is awaiting presidential assent, in driving economic growth and supporting the federal government’s ambition of achieving a $1 trillion economy.
On financial inclusion, Dr. Jankara pointed to NAICOM’s efforts in expanding market access, including the licensing of 15 microinsurance companies and 6 Takaful providers—a testament to growing insurance penetration among underserved populations.
The meeting concluded with a commitment from NAICOM to provide operational templates and regulatory manuals to their Gambian counterparts, and to facilitate further engagements with key directorates such as Inspectorate, Supervision, and Innovation & Regulation.
This visit marks a significant step toward enhanced regulatory synergy across Africa, as both institutions seek to build more resilient, inclusive, and transparent insurance sectors.
