Experts want incentives for MSMEs to join micro-insurance and micro-pension schemes

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Insurance and pension experts have called for deliberate incentives to attract nano, micro, small and medium enterprises to join the currently promoted micro-insurance and micro-retirement schemes.

Dr. Chinyere Almona, Managing Director/Chief Executive of the Lagos Chamber of Commerce and Industry (LCCI), has also joined the call for small business incentives.

She made this call while delivering a paper on “Integrating MSMEs into the Microinsurance and Pensions Space in Nigeria”, at the 7th Annual Conference of the National Association of Insurance and Insurance Publishers. pensions (NAIPE).

She said: “While the insurance and pension sectors have contributed a great deal to the federal government’s financial inclusion initiative, there is a need to incentivize and encourage those in the informal sector, nano, micro , Nigerian Small and Medium Enterprises. NMSME operators to adopt microinsurance and join the micro-pension scheme. »

Dr Almona said “NMSMEs present huge opportunities for the microinsurance and pensions industry due to the size of the workforce”.

Other opportunities include large MSME employment/workforce, large willing adult population, expanding distribution channels, conducive regulatory environment, mature financial services industry and revolution in technology. information and digital innovations.

Statistically, DG LCCI indicated that the total number of jobs by MSMEs stands at 61.9 million, which represents 87.9% of the total labor force in the country, adding that the number of jobs generated by the informal sector was 16 million while the formal sector generated 7.5 million. in 2020.

Earlier in her opening speech, the Chief Executive Officer of the National Pensions Commission (PenCom), Ms. Aisha Dahir-Umar who was represented on the occasion by the Head of South West Office of PenCom, Dr. Tunde Alayande said that SME onboarding the Micro Pension program is one of the strategies in which the pension industry has contributed to the federal government’s financial inclusion initiative.

She said the micro-pension scheme was designed for people in the informal sector, including SMEs

Dr. Alayande said that PenCom, in conjunction with the Pension Operators Association of Nigeria (PenOp), has come up with many initiatives for SMEs to benefit the industry.

The highlight of the event was the renaming of the National Association of Insurance and Pension Correspondents (NAIPCO) to the National Association of Insurance and Pension Editors (NAIPE)

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