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Nigerian microfinance institutions soon to provide microinsurance products

13.01.2014

The National Association of Microfinance Banks (NAMB) called on the National Insurance Commission (NAICOM) not to delay the commencement date when microfinance institutions will be able to provide microinsurance products.

The National Association of Microfinance Banks (NAMB) called on the National Insurance Commission (NAICOM) not to delay the commencement date when microfinance institutions will be able to provide microinsurance products.

NAICOM's president Jethro Akum told News Agency of Nigeria (NAN) on Sunday (January 5th) that the appeal became necessary due to reports that the start date might be pushed back.

He said he believes that microinsurance will help microfinance banks' customers protect their business, especially smallholder farmers who want to insure their crops against unforeseen circumstances.

He added that the scheme would also boost insurance penetration in the country.

Microinsurance products can also facilitate access to credit for smallholder farmers as adequate coverage can act as a guarantee for microfinance institutions.ADNFCR-2976-ID-801681308-ADNFCR