Financial Inclusion: Challenges, prospects of increasing access to insurance
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By Rosemary Iwunze
In 2012, the Central Bank of Nigeria, CBN, launched the National Financial Inclusion Strategy with the aim of increasing the number of adults that have access to financial services to 80 per cent by 2020.
To achieve this, different targets were set for each sector of the financial system. For the Insurance industry, the target was 40 per cent insurance penetration amongst the adult population by the year 2020.
According to a survey released by Enhancing Financial Innovation and Access, EFInA, in 2018 titled: “Access to Financial Services in Nigeria 2018 Survey”, out of a total adult population of 99.6 million, only about 1.6 million adults representing 1.6 per cent had any form of insurance in 2018, representing 0.1 per cent decline from 1.7 million adult population in 2016.
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Investors in the nation’s stock market gained N60bn on Monday as Seplat Petroleum Development Company Plc and 30 other firms recorded price appreciation.
The Nigerian Stock Exchange All-Share Index rose by 0.33 per cent to close at 40,571.67 basis points on Monday from 40,439.85bps on Friday.
The market capitalisation of listed equities increased by N60bn to N21.22tn from the N21.16tn at which it closed last week.
The top five gainers at the end of trading on the floor of the NSE on Monday were Seplat, Japaul Gold & Ventures Plc, Mutual Benefits Assurance Plc, AIICO Insurance Plc and Multiverse Mining and Exploration Plc.