NAICOM, NCGC move to boost MSME, consumer financing

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) and the National Credit Guaranty Company (NCGC) have initiated moves to strengthen collaboration aimed at unlocking financing for micro, small and medium enterprises (MSMEs), local manufacturers and consumer credit customers across Nigeria.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received the management of NCGC on a courtesy visit at the weekend in Abuja, where discussions focused on expanding access to finance through enhanced credit guarantee and insurance partnerships.

Speaking during the visit, NCGC Managing Director, Mr. Bonoventure Okhaimo, formally introduced the company as a private limited firm licensed by the Central Bank of Nigeria in August 2025 to catalyse access to finance through innovative partial credit guarantees, strong governance standards and technology driven processes.

Okhaimo outlined two flagship products offered by the company the National Individual Guarantee and the Portfolio Guarantee both designed to reduce lending risks and improve credit access for targeted sectors of the economy.

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He explained that NCGC’s model seeks to build strong partnerships among credit guarantors, banks, insurers and regulators in order to mobilise capital, protect lenders and accelerate inclusive economic growth.

The Managing Director also sought NAICOM’s collaboration in creating a structured platform that would enable insurers and credit guarantee stakeholders to engage directly, explore syndication and reinsurance solutions, and deepen trust and market uptake within the sector.

Responding, the Commissioner for Insurance welcomed the proposed collaboration and reaffirmed the Commission’s commitment to initiatives that expand access to finance for MSMEs, local manufacturers and consumer credit customers nationwide.

The meeting signals a growing alignment between insurance regulation and credit guarantee mechanisms as stakeholders intensify efforts to support enterprise growth and broaden financial inclusion across the country.