Business NAICOM condemns low financial knowledge in Nigeria

[jeff juwana]

Mr Fola Daniel, the Commissioner for Insurance, has condemned the constancy of low level financial literacy in Nigeria and some African countries,he says, Insurance is not very common in Nigeria because low level of financial literacy, lack of adequate knowledge of insurance mechanism and poor attitude towards the industry."According to him, insurance experts need to come together to solve the danger.
Mr. Yemi Soladoye, Managing Director of Riskguard-Africa said that the future and stability of the Nigerian insurance industry can only come from market expansion. He said that Insurance operators should concentrate more on market expansion through good services and people tailored products rather than raising their yearly premium. He said that most operators are interested in making sure their yearly premium for this year is higher than last years.
He also urged operators to partner with cooperative societies and other relevant bodies to deepen insurance diffusion.