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The National Insurance Commission, NAICOM and the National Credit Guaranty Company, NCGC, have reaffirmed their commitment to strengthening collaboration aimed at unlocking access to finance for Micro, Small and Medium Enterprises, MSMEs, local manufacturers and consumer credit customers across Nigeria.
This formed the focus of discussions when the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received the management of NCGC on a courtesy visit at the Commission’s headquarters in Abuja.
Leading the delegation, the Managing Director of NCGC, Mr. Bonaventure Okhaimo, said the company was established as a private limited liability firm and licensed by the Central Bank of Nigeria in August 2025 to catalyse access to finance through innovative partial credit guarantee solutions, sound governance practices and technology driven processes.
Okhaimo explained that NCGC currently offers two key products; the National Individual Guarantee and the Portfolio Guarantee, both structured to reduce lending risks for financial institutions and stimulate credit flow to businesses and individual borrowers.
He noted that the company was focused on building strong partnerships among credit guarantors, banks, insurers and regulators in order to mobilise capital, safeguard lenders and promote inclusive economic growth.
The NCGC boss also sought NAICOM’s collaboration in establishing a dedicated engagement platform that would enable insurers and credit guarantee stakeholders to explore syndication and reinsurance opportunities, while strengthening trust and confidence in the market.
Responding, Omosehin welcomed the proposed partnership and reiterated NAICOM’s readiness to support initiatives that enhance financial inclusion and broaden access to credit for MSMEs, manufacturers and consumers nationwide.
Both organisations expressed optimism that deeper collaboration between the insurance and credit guarantee sectors would reinforce Nigeria’s financial system and contribute meaningfully to sustainable economic development.
PR/Umbwanko Baba
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