A strategic move to deepen cross-border cooperation and enhance regulatory capacity across West Africa, Nigeria’s National Insurance Commission (NAICOM) has hosted a high-level delegation from the Central Bank of The Gambia. The visit, which took place in Abuja, aimed to facilitate mutual learning and technical collaboration in key areas of insurance supervision.
The Gambian delegation, led by Mr. Nyang Gomez, was received by top NAICOM officials, including the Deputy Commissioner for Technical, Usman Jankara, and the Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon, on behalf of the Commissioner for Insurance, Olusegun Ayo Omosehin.
The visit centred on three critical themes: Risk-Based Supervision (RBS), Prudential Frameworks, and Inclusive Insurance — all of which are considered foundational for building resilient insurance markets and fostering broader financial inclusion.
Welcoming the delegation, Jankara described the visit as a “peer learning and knowledge-sharing exercise,” emphasising that no single regulatory agency holds all the answers in a dynamic and evolving financial landscape.
“Nigeria’s insurance regulatory framework has evolved significantly,” Jankara stated. “We’ve moved from baseline compliance to a more robust, risk-sensitive supervisory system, especially in the areas of corporate governance and prudential oversight.”
He also highlighted the transformative potential of Nigeria’s pending Insurance Regulatory Bill, which is awaiting presidential assent. According to Jankara, the bill aligns with the Tinubu administration’s vision of driving the economy toward a $1 trillion GDP by improving investor confidence and enhancing the financial sector’s resilience.
In line with the visit’s focus on inclusive insurance, NAICOM shared its achievements in expanding access to low-income and underserved populations. Jankara revealed that Nigeria has successfully licensed 15 microinsurance companies and six Takaful insurance providers, reflecting a steady increase in insurance penetration and public trust in the sector.
“Microinsurance is not just about access; it’s about building financial resilience for the most vulnerable,” he noted.
NAICOM also pledged to provide the Gambian team with access to operational templates, supervision models, and regulatory manuals through its key departments, including the Inspectorate, Innovation & Regulation, and Supervision directorates.
Speaking on behalf of the delegation, Mr. Nyang Gomez expressed appreciation for NAICOM’s openness and described the visit as critical to Gambia’s ongoing reforms in the insurance and financial sector.
“We’re here to understand how NAICOM operationalises risk-based supervision, safeguards the interests of policyholders, and promotes inclusive insurance for low-income populations,” Gomez said.
He added that The Gambia is seeking best practices in prudential regulation and consumer protection, especially as the country works to fortify its own regulatory frameworks to build public confidence in its emerging insurance sector.
This bilateral visit signals growing collaboration between West African regulators amid efforts to harmonise financial standards across the region. Both NAICOM and the Central Bank of The Gambia acknowledged the need for enhanced regional alignment, especially as African nations move toward deeper integration under the African Continental Free Trade Area (AfCFTA).
Insurance experts say such exchanges are critical to ensuring that emerging markets not only adopt global best practices but also develop indigenous solutions tailored to local realities.
As West Africa continues to embrace regulatory reforms to strengthen its financial architecture, engagements like the NAICOM-Gambia collaboration provide a roadmap for mutual growth, enhanced governance, and regional financial stability.
NAICOM reaffirmed its readiness to support peer regulators across Africa in the shared quest to develop inclusive, innovative, and resilient insurance sectors.