The National Insurance Commission (NAICOM) has welcomed a high-level delegation from the Central Bank of The Gambia as part of efforts to deepen regulatory collaboration and improve knowledge sharing in Africa’s insurance supervision space.
In a statement released on Monday, NAICOM confirmed that the Gambian delegation, led by Mr Nyang Gomez, arrived in Nigeria on a strategic working visit aimed at studying the country’s regulatory practices, with a focus on Risk-Based Supervision, Prudential Frameworks, and Inclusive Insurance.
The team was received in Abuja on behalf of Nigeria’s Commissioner for Insurance, Olusegun Ayo Omosehin, by Deputy Commissioner for Technical, Usman Jankara, alongside Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon.
Jankara welcomed the visitors warmly, describing the engagement as a “knowledge-sharing visit” that highlights the importance of regional cooperation in regulatory capacity-building.
“No one regulator has all the answers,” Jankara said, stressing the value of peer-to-peer learning in strengthening Africa’s financial systems. He reiterated NAICOM’s commitment to supporting the Gambian team and pledged to share operational templates and manuals to aid their supervision strategies.
Jankara further explained that Nigeria’s regulatory landscape has undergone significant evolution, particularly in the area of corporate governance, where NAICOM has moved from mere compliance to robust enforcement mechanisms.
He also highlighted the relevance of the new Insurance Regulatory Bill, which is awaiting presidential assent. According to him, the bill aligns with Nigeria’s broader economic ambition of achieving a $1 trillion economy, as it is designed to modernise insurance regulation, protect consumers, and foster market confidence.
The Deputy Commissioner also noted NAICOM’s growing success in financial inclusion. He cited the licensing of 15 microinsurance companies and six Takaful providers, as key indicators of progress in reaching underserved populations and deepening insurance penetration across the country.
He assured the Gambian delegation of continuous engagement with NAICOM’s critical departments such as Inspectorate, Supervision, and Innovation & Regulation, to share practical insights and implementation tools.
On his part, Nyang Gomez, the leader of the Gambian delegation, explained that the visit aimed to understand how Nigeria has implemented its risk-based supervisory model to maintain a resilient and stable insurance sector.
Gomez noted that The Gambia is especially keen on learning how NAICOM has developed its prudential regulation framework and strategies to expand inclusive insurance—especially targeting low-income and underserved groups—to protect policyholders and maintain public confidence in the market.
He added that the Central Bank of The Gambia is in the process of reforming its insurance sector and sought to emulate Nigeria’s best practices in building a regulatory environment that promotes resilience, investor trust, and consumer protection.
The visit further solidifies Nigeria’s position as a regional leader in insurance regulation and underscores the potential for stronger partnerships among African regulators to drive financial sector development and economic resilience.
