The Commissioner for Insurance (CFI) and the Chief Executive Officer of the National Insurance Commission (NAICOM) received a prominent delegation from the Nigerian Factoring Working Group at his office in Abuja.
The delegation, led by Mr. Hope Yogo, comprised
representatives from the Nigeria Export-Import (NEXIM) Bank, the Central Bank
of Nigeria (CBN), the Deutsche Gesellschaft für Internationale Zusammenarbeit
(GIZ), and the African Export-Import Bank (AfreximBank).
During the meeting, CFI Mr. Olusegun Ayo Omosehin expressed
gratitude for the delegation's presence and reiterated NAICOM’s commitment to
fostering a collaborative environment that supports the growth of factoring in
Nigeria.
He highlighted the essential role of insurance in mitigating
risks associated with factoring, a crucial financial service that allows
businesses to secure immediate capital by selling their receivables to a third
party at a discounted rate.
In his remarks, Mr. Hope Yogo extended his congratulations
to the newly appointed management team at NAICOM, expressing confidence in
their ability to effectively regulate and promote the Nigerian insurance
sector.
Mr. Yogo also outlined the objectives of the Nigerian
Factoring Working Group, which aims to create a supportive legal and regulatory
framework for factoring in the country.
He mentioned that the group is on the verge of formalizing
itself as an association, with the goal of driving significant economic growth
by facilitating access to working capital for businesses, particularly small
and medium-sized enterprises (SMEs), through factoring