NAICOM To Support Factoring Devt, Economic Growth

The commissioner for Insurance and chief executive officer of the National Insurance Commission (NAICOM), has pledged full support from the commission for the development of factoring in Nigeria.
The CFI made the pledge when he hosted a delegation from the Nigerian Factoring Working Group in his Abuja office earlier in the week.

The delegation, led by Hope Yogo, comprised members from NEXIM Bank, Central Bank of Nigeria (CBN), GIZ, and AfreximBank.

Speaking at the meeting, Yogo congratulated the new management of NAICOM on their appointment and expressed confidence in their ability to deliver on their mandate.

He explained that the working group, which is expected to transform into an association soon, was established to develop a conducive legal and regulatory infrastructure for factoring in Nigeria.

The delegation, thereafter, sought collaboration and partnership with NAICOM and insurance companies to engage all stakeholders in the value-chain, recognising the vital role of insurance in factoring.

This partnership is expected to transform the factoring industry in Nigeria, providing a boost to the country’s economic growth and development. With NAICOM’s support, the Nigerian Factoring Working Group would be able to create a favourable environment for factoring to thrive, benefiting businesses and stakeholders across the value-chain.