Cornerstone Insurance harps on financial literacy, trust, tech
L-R: Mr. Obinna Nwamere, representative of the Chairman, Nigerian Insurers Association, Mr. Kunle Ahmed; Mr. Jackson Ikiebe, Head, IT Operations and Governance, Sanlam Life Insurance, Nigeria, Panel Session Moderator; Dr (Mrs) Chizoba Ehiogu, Rector, College of Insurance and Financial Management (CIFM), Miss Mojisola Ogundipe,Senior Manager and Team Lead, Persistency, AIICO Insurance PLC, Keynote Speaker; Mr. Charles Onwuatogwu, President, FiBOP; Dr. Gbenga Falana, representative of Prince Babatunde Oguntade, President, Nigerian Council of Registered Insurance Brokers (NCRIB); Mr. Kayode Odetola, Head, Retail, Cornerstone Insurance and Mrs Chdinma Emena, representing Moniepoint CEO, Mr. Tosin Eniolorunda during the panel discussion at the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity Building and Empowerment Programme held at MUSON Centre, Onikan, Lagos on Tuesday, April 15, 2025.
Nike Popoola
The Managing Director/Chief Executive Officer, Cornerstone Insurance Plc, Mr. Stephen Alangbo, has identified trust, knowledge gaps, and cultural beliefs as the most significant barriers preventing Nigerian youths from fully accessing insurance, digital payment systems, and investment opportunities.
Alangbo, represented by Kayode Odetola, Head Retail, Cornerstone InsurancePlc, made this remark at the second edition of the Finance and Business Online Publishers (FiBOP) Empowerment and Youth Development Program held yesterday at the MUSON Centre, Onikan, Lagos.
Mr. Odetola, speaking during a panel session, emphasized that lack of awareness remains the biggest obstacle to youth adoption of insurance and digital financial tools. “Many young Nigerians have never heard of insurance, and those who have often think it’s a scam. We need to demystify financial services and communicate in a language young people understand,” he said.
He noted that trust is the missing link. “Once trust is established, everything falls into place,” he said, citing the case of fintech platforms like OPay and Moniepoint during Nigeria’s 2023 cash crunch, when traditional banks struggled, and alternative platforms proved reliable.
Drawing from similar experience, he referenced the Kenyan success story of M-Pesa, a mobile payment platform that gained prominence during a period of banking instability. “When Kenyan banks lost public confidence, M-Pesa emerged as a trusted alternative and eventually became a tool for pension payments, bond purchases, and more. Nigeria can take similar strides by embracing innovation and trust-based solutions,” he explained.
He further pointed to cultural beliefs as a hidden but powerful barrier, noting how many Nigerians equate insurance with inviting misfortune. “You mention insurance and the average response is ‘God forbid.’ Many still associate it with bad luck, instead of understanding it as a proactive tool for protection and empowerment,” he said.
Odetola encouraged industry players to invest in relatable, gamified educational tools that would appeal to young Nigerians. “If we can meet them where they are—on their phones, on social media, in their language—we’ll build not just awareness, but long-term trust,” he added.
In his welcome address, Mr. Charles Onwuatogwu, President of the Finance and Business Online Publishers (FiBOP), stressed the importance of empowering Nigerian youth to participate meaningfully in the nation’s financial ecosystem.
He commended the panelists for offering practical insights and praised Cornerstone Insurance and other organizations for their commitment to building a financially inclusive future. “It is no longer enough to speak to young people—we must engage, educate, and equip them. That is what this program stands for,” he remarked.
Onwuatogwu also highlighted the conference’s broader agenda, which included a series of breakout sessions, innovation showcases, and mentorship clinics designed to connect young participants with professionals across fintech, insurance, digital banking, and investment sectors. “Today’s youth must be positioned not just as consumers of financial products but as creators, leaders, and changemakers in the evolving digital economy,” he added.
The FiBOP Youth Empowerment Program is designed to equip Nigerian youths with the knowledge and skills required to drive financial inclusion and contribute meaningfully to the country’s economic growth.
Cornerstone Insurance’s participation aligns with its broader mission to promote financial literacy, develop accessible insurance solutions, and champion youth-focused initiatives that contribute to a more inclusive economy.
