The National Insurance Commission (NAICOM) has expressed its full support for the development of the Nigerian Factoring Working Group, signaling a new collaborative effort aimed at enhancing the factoring industry in Nigeria.
The Commissioner for Insurance, Olusegun Omosehin, made this commitment during a meeting with a delegation from the Nigerian Factoring Working Group at NAICOM’s office in Abuja on Wednesday, August 28, 2024. The delegation, led by Hope Yogo, included representatives from NEXIM Bank, the Central Bank of Nigeria (CBN), the German Agency for International Cooperation (GIZ), and the African Export-Import Bank (AfreximBank).
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During the meeting, Yogo congratulated the new management of NAICOM on their recent appointments and expressed confidence in their ability to fulfill their mandate effectively. He explained that the Nigerian Factoring Working Group, which is expected to soon transition into a formal association, was established to create a favorable legal and regulatory environment for factoring in Nigeria.
The primary purpose of the visit, Yogo emphasized, was to seek collaboration and partnership with NAICOM and the insurance sector, highlighting the critical role that insurance plays in the factoring value chain. This partnership is seen as essential for engaging all stakeholders and ensuring the success of factoring as a financial service in Nigeria.
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The meeting marks a significant step towards strengthening the factoring industry in the country, with NAICOM’s support expected to play a pivotal role in the development and regulation of the sector.
