NCRIB President applauds NIIRA 2025, calls for greater fintech adoption at Business Journal Roundtable
Abdullateef Fowewe
The President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Adeleke Oguntade, FIIN, FCIB, has commended ongoing reforms in Nigeria’s financial sector, particularly the recently signed Nigeria Insurance Industry Reform Act (NIIRA) 2025, describing it as a “significant milestone” for innovation, digitization, and consumer protection in the insurance ecosystem.
Delivering a goodwill message at the 2nd Business Journal Fintech and Financial Inclusion Roundtable held in Lagos, Prince Oguntade emphasized that the Act will promote a more conducive business environment for insurance professionals, enhance compulsory insurance coverage, and enforce stricter claims settlement timelines, thereby boosting public confidence in the industry.
Represented at the event by former Chairman, Lagos Area Committee, Nigerian Council of Registered Insurance Brokers Mrs. Bukola Ife made, he lauded the event’s theme: “Fintech and Financial Inclusion: The Opportunity and Challenges for Nigeria” as timely and relevant. He noted that fintech remains a critical enabler in expanding access to financial services and deepening economic participation, especially among underserved populations.
He stated, “As we leverage fintech to drive growth and inclusion, we must also prioritize data protection and cybersecurity. The insurance industry is built on trust and reliability, and it is essential we safeguard sensitive customer information.”
Prince Oguntade also applauded the Nigeria Data Protection Commission for its efforts in enforcing the Nigeria Data Protection Act (NDPA) 2023, assuring that insurance brokers are committed to full compliance and partnership in upholding best practices in data security.
Highlighting the role of insurance brokers in the evolving fintech landscape, he added, “Our Council is ready to collaborate and support all initiatives that integrate fintech into insurance operations. We see it not as a disruption but as an enabler of our professional practice.”
He urged stakeholders to embrace innovation and collaboration, stressing that these are essential for unlocking new opportunities and achieving the goals of financial inclusion in Nigeria.
