Pension, Insurance Commission Intensify Financial Literacy Campaign

The National Pension Commission in bid to deepening financial literacy further through insurance sector, the Commission has provides a framework for the participation of the self- employed and persons operating in the informal sector in the pension scheme which was previously not allowed.

According to the report from Central Bank of Nigeria (CBN)’s circular of 2018 the Nigerian National Financial Inclusion Strategy (NFIS) released on it site, dated October 11, 2019, stated that in September 2018, the National Pension Commission (PENCOM) released the guidelines for “the Micro Pension Plan”

 

In the statement which disclosed that, a micro pension contributor is expected to open a Retirement Savings Account (RSA) with any pension fund administrator (PFA), make contributions into their RSA (in accordance with the guidelines) and make contingent withdrawals, amongst others.

 

Additionally, the PENCOM engaged various tertiary institutions to introduce Pension Administration courses in order to educate students on pension management.

 

Furthermore, the report said National Insurance Commission in its own bid took the Commission to signed Memorandum of Understanding (MoU) with Ahmadu Bello University, Zaria and the University of Lagos for the introduction of a Pension Administration course in their respective academic curriculum to be implemented in 2019.

 

It was also reported that in its bid to improve insurance service delivery in the country, the National Insurance Commission (NAICOM) conducted interactive sessions with major consumers of insurance products during the year under review. According to the report the sessions aimed to improve the level of financial literacy especially on the benefits of insurance.

Amehnews recall that the Commission, in conjunction with Almond Productions Limited, convened the 2018 edition of Insurance Consumers Forum (ICF) in November 2018 which ICF provided a platform for interaction between Insurers and consumers on issues bothering on customer service delivery.

 

Similarly, in September 2018, NAICOM facilitated a capacity building workshop in FCT, Abuja, on the Implementation of the Islamic Finance Services Board (IFSB) Standards and effective supervision and regulation of Takaful Insurance Industry.

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