The National Insurance Commission has partnered with the National Credit Guarantee Company on ways to expand access to finance for Micro, Small and Medium Enterprises, local manufacturers, and consumer credit customers.
This was disclosed by the regulator in a statement made available to The PUNCH, which indicated that the partnership was agreed on during a courtesy visit from the NCGC management to NAICOM on Friday.
During the visit, the NCGC Managing Director, Mr Bonaventure Okhaimo, introduced NCGC, a private limited company licensed by the Central Bank of Nigeria in August 2025, to catalyse access to finance through innovative partial credit guarantees, governance best practices, and technology-enabled processes.
In his remarks, Mr Okhaimo highlighted NCGC’s two guarantee products: National Individual Guarantee and Portfolio Guarantee, designed to reduce risk and boost credit access.
Mr Okhaimo stated that NCGC aims to strengthen partnerships between credit guarantors, banks, insurers, and regulators, mobilising capital, protecting lenders, and accelerating inclusive economic growth.
He sought NAICOM’s collaboration, stressing the need for a platform where insurers and credit guarantee stakeholders can engage directly, explore syndication and reinsurance solutions, and drive sectoral trust and market uptake.
Responding, the Commissioner for Insurance, Mr Olusegun Omosehin, welcomed the collaboration, sharing NCGC’s commitment to expanding access to finance for MSMEs, local manufacturers, and consumer credit customers nationwide.
Meanwhile, NAICOM and the Presidential Enabling Business Environment Council have intensified collaboration under the Business Environment Enhancement Programme Accelerator, a focused 90-day reform initiative aimed at improving regulatory efficiency and strengthening government service delivery to businesses and citizens.
The accelerator programme runs from 26 January to 26 April. The BEEPA initiative brings together selected Ministries, Departments and Agencies in functional clusters to implement measurable, client-focused improvements in service delivery.
The accelerator deploys a cluster-based coordination model designed to clarify institutional roles, reduce duplication, and eliminate overlapping regulatory functions. The framework also integrates evidence-based validation mechanisms and a public live tracking system to promote transparency and enforce service discipline.
The core objectives of BEEPA include fast-tracking operational improvements that translate existing laws and policies into efficient and transparent services; eliminating regulatory overlaps through cluster coordination and Memoranda of Understanding; and enhancing end-to-end process visibility across participating agencies.
