National News
FSD Africa, NAICOM Partner on BimaLab
FSD Africa, NAICOM Partner on BimaLab
By: Michael Mike
Financial Sector Deepening (FSD) Africa and Nigeria’s National Insurance Commission (NAICOM) have partnered to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector.
BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing and promoting innovators and Insurtech start-ups. The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience to provide Nigeria with the most competitive and attractive start-up accelerator programme.
Ten companies will be selected to participate in the ten-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
Across the continent, little knowledge of the insurance industry coupled with low income has affected the rate of insurance penetration in the mass market. Yet, a recent report by Deloitte indicates that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.
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To widen insurance coverage, FSD Africa has recently rolled out a similar accelerator programme in Ghana (InnoLab). The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.
Among the success stories from previous BimaLab Accelerator programmes include Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart. The cover protects school-going children from dropping out of school in the event their parent or guardian becomes critically ill or dies, safeguarding the future of the children even in cases of incidents.
Commenting on the launch of the BimaLab Accelerator Programme, Kelvin Massingham, Director – Risk and Resilience, FSD Africa said: “We believe that this programme will enhance the development of a vibrant ecosystem of start-ups; through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya, and are commencing the same in Ghana.”
On his part, Commissioner For Insurance/CEO National Insurance Commission (NAICOM), Mr. Thomas Olorundare Sunday, said: “As a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains. Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I have no doubt that with such collaborations, Nigeria is set to be a successful case study on insurance innovation across the continent.”
UK’s Deputy High Commissioner in Lagos, Ben Llewellyn-Jones, in his comment, said: “As a result of COVID-19’s negative impact and the resulting need for improved resilience against economic shocks, innovative insurance becomes increasingly important in addressing emerging vulnerabilities among businesses and households. The UK government has long been enthusiastic about leveraging technology and innovation as major vehicles for making impact and supporting the Nigerian government so the partnership between UK Aid funded FSD Africa and the National Insurance Commission (NAICOM) is crucial in fostering the development of an Insurtech ecosystem that focuses on growth, inclusion, and strategic alliances.”
Meanwhile applications for BimaLab Nigeria are now open on https://bimalab-nigeria.azurewebsites.net/. The deadline for submission is 23 February 2022
FSD Africa, NAICOM Partner on BimaLab
Four Soldiers Injured in Vehicle Accident on Mambilla Plateau
By: Zagazola Makama
Four Nigerian soldiers have sustained injuries in a vehicle accident on the Mambilla Plateau in Taraba State.
The accident occurred on Thursday while the troops were moving across the mountainous terrain of the area, Zagazola reports.
The Emir of Mambilla, Dr. Shehu Audu Baju, was said to have personally joined in the rescue operation to ensure that the soldiers received prompt assistance.
Following the rescue, the injured personnel were evacuated to the 20 Battalion Barracks in Serti for urgent medical care.
Community members and traditional leaders in the area have expressed sympathy and prayed for the speedy recovery of the soldiers, while also calling for the safety of other security operatives on duty.
Four Soldiers Injured in Vehicle Accident on Mambilla Plateau
UKNIAF, NGF Advance Electricity Reform with Nationwide Workshop Series
By: Michael Mike
The United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF), in partnership with the Nigerian Governors’ Forum (NGF) have wrapped up a major national initiative to support State-led electricity market reforms.
The State Learning Workshop Series focused on Electricity Market Development, Integrated Resource Planning (IRP) and energy modelling software.
Workshops in Lagos, Calabar, Kano and Jos have been successfully completed, drawing participants from all the 36 States and the FCT and setting a strong precedent for what lies ahead.
These sessions equipped policymakers, regulators and stakeholders with the tools to design robust, sustainable and investor-ready electricity markets at the State level, in line with the provisions of the Electricity Act 2023.
Reflecting on the significance of this initiative, the Director-Legal/Head Power Desk at the Nigerian Governors’ Forum, Mr. Chijioke Chuku,, stated that: “Nigeria’s electricity future depends on the capacity of our States to lead with vision, clarity, and technical precision. Through the workshop series, we are equipping States not just with knowledge, but with the confidence to take charge of their electricity markets. The NGF is proud to partner with UKNIAF in ensuring that the promise of the Electricity Act 2023 becomes a lived reality across the country.”
The sessions in the State Learning Workshops covered: The legal and regulatory pathways for setting up State Electricity Markets; Commercial models for private sector investment; Integration of State plans into Nigeria’s National IRP;
Practical training on the software platform for energy modelling.
The initiative drew from lessons learned in the course of UKNIAF’s work supporting the Akwa Ibom, Enugu, and Oyo State Governments—early movers in electricity market development—in setting up their markets.
It also drew from experience gained in the course of UKNIAF providing technical support to the Federal Ministry of Power in drafting both the National Integrated Electricity Policy and Nigeria’s first National Integrated Resource Plan, both of which were approved very recently.
With States now empowered by the Electricity Act 2023, this series is a timely and strategic effort to ensure capacity, coordination, and sustainability in Nigeria’s decentralised energy landscape.
UKNIAF, NGF Advance Electricity Reform with Nationwide Workshop Series
Three killed, others injured in bandits’ attack on Zamfara community
By: Zagazola Makama
Armed bandits have killed three persons and injured three others in an attack on Galadi town, Shinkafi Local Government Area of Zamfara.
Sources confirmed the incident saying the attack occurred at about 10:50 p.m. on Aug. 27.
The sources said the bandits stormed the town, shooting sporadically, which resulted in the deaths and injuries.
Troops of Operation FANSAN YANMA were mobilised to the scene. The corpses and injured victims were evacuated to Galadi Primary Health Care Centre for autopsy and treatment.
Meanwhile, a manhunt for the fleeing culprits has been intensified, as the bandits escaped before the arrival of the joint forces,” the sources said.
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