By Davisd Akinmola
As part of efforts to deepen collaboration within Africa’s insurance sector, the National Insurance Commission (NAICOM) has shared Nigeria’s regulatory strategies with a visiting delegation from the Central Bank of The Gambia.
The visit focused on learning from Nigeria’s experience in expanding insurance access, improving market supervision, and strengthening regulatory frameworks.
The team from The Gambia, led by Nyang Medeleine Gomez, met with top NAICOM officials to learn how Nigeria regulates its insurance sector. The discussions focused on risk-based supervision, rules to keep insurers financially healthy, and ways to make insurance more accessible to all.
Speaking on behalf of the Commissioner for Insurance, NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, and Deputy Commissioner for Finance and Administration, Mr. Ekerete Ola Gam-Ikon, said the visit was a great chance for both countries to learn from each other. Dr. Jankara noted that no single regulator has all the answers and that cooperation helps build stronger systems across Africa.
Mr. Gomez said the Central Bank of The Gambia wants to understand how Nigeria is using risk-based supervision, reaching underserved communities with insurance, and applying good regulatory practices to keep the market safe and stable.
Dr. Jankara explained that NAICOM has moved from simply checking for rule compliance to more active enforcement, especially in corporate governance. He also mentioned that a new insurance law, recently passed and awaiting the president’s signature, is expected to support Nigeria’s goal of growing its economy to $1 trillion.
On improving insurance access, he said NAICOM has licensed 15 microinsurance firms and 6 Takaful (Islamic insurance) providers to help bring insurance to more people, especially those in low-income groups.
The meeting ended with NAICOM promising to share important documents and tools with the Gambian team and to arrange further sessions with its various departments.
This visit marks a big step toward stronger cooperation between regulators in Africa, with both sides aiming to build better, fairer, and more transparent insurance sectors.
