The National Insurance Commission (NAICOM) on Monday hosted a high-level delegation from the Central Bank of The Gambia, in a strategic visit aimed at strengthening regulatory collaboration and exchanging technical expertise in insurance supervision.

The visiting team, led by Mr. Nyang Medeleine Gomez, Compliance Officer, and Drammeh Alieu, Senior Insurance Compliance Officer at the Central Bank of The Gambia, was received at NAICOM headquarters in Abuja. The discussions centered on Nigeria’s regulatory approaches in three critical areas: risk-based supervision, prudential frameworks, and inclusive insurance.

Speaking on behalf of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, described the visit as a peer-to-peer learning opportunity that reflects the shared regulatory challenges and ambitions of African institutions.

“This is a knowledge-sharing visit. No single regulator has all the answers,” Dr. Jankara said. “Through mutual engagement, we can deepen capacity, align on best practices, and build stronger, more resilient insurance systems across the continent.”

In his opening remarks, Mr. Gomez noted that the delegation was particularly interested in NAICOM’s implementation of a risk-based supervision model, Nigeria’s efforts to promote inclusive insurance for low-income and underserved groups, and strategies for effective prudential regulation to enhance policyholder protection and market confidence.

Responding to the delegation’s focus areas, Dr. Jankara highlighted NAICOM’s recent regulatory milestones, particularly in the evolution of corporate governance standards. He explained that the Commission has transitioned from routine compliance monitoring to more robust enforcement, signaling a stronger regulatory posture.

He further emphasized the importance of the newly passed Insurance Regulatory Bill, which is awaiting presidential assent. According to Jankara, the bill is expected to modernize Nigeria’s insurance laws and support the federal government’s economic target of achieving a $1 trillion economy.

Highlighting the Commission’s inclusive insurance drive, he cited the licensing of 15 microinsurance firms and six Takaful providers as major milestones in expanding market reach and driving financial inclusion.

NAICOM assured the Gambian team of its readiness to provide regulatory templates, operational manuals, and continued access to key directorates including Inspectorate, Supervision, and Innovation & Regulation.

The strategic engagement concluded with both institutions committing to sustained collaboration and capacity-building initiatives, reinforcing a shared vision for a well-regulated, inclusive insurance landscape across West Africa.

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