NAICOM Licenses GOXI To Bring Grassroots Into Insurance Net.

By Edet Udoh

The National Insurance Commission (NAICOM) has approved the application of GOXI to operate as a state Composite Micro-insurance Company, blazing the trail in that segment of the market.

GOXI, the first to be licensed by the regulator will operate in Lagos state and lead the way for others that are to emerge before the end of the month in the commission’s efforts to attract the grassroots people and deepen the market to improve its contribution to the nation’s gross domestic product (GDP).

Salami Rasaaq, Director, Commissioner’s Directorate, said the approval for the new micro-insurance company is part of the Commission’s drive to ensure insurance market development through enhanced access points for insurance services in Nigeria.

“In its drive to ensure insurance market development through enhanced access points for insurance services in Nigeria, the National Insurance Commission (NAICOM) has granted approval to GOXI Micro-insurance Company Limited, to operate as a State Composite Micro-insurance Company transacting Life and General Micro Insurance Businesses,” Salami said in a statement to usher in the new addition to the market..

GOXI’s approval is predicated on meeting the capital requirement of N100 million to play in the segment of the market which is expected to focus on those at the lower rung of the society, an area that has remained untapped for long.

The regulator said GOXI is one of several applications under consideration from individuals and corporate entities that have applied for registration as Micro Insurance operators.

GOXI Microinsurance Company Limited, according to Sunday Thomas, Deputy Commissioner, Technical “is only one for now”.

“Approval for another one is coming before the end of the month” noted Thomas who spoke to InsideBusiness Online on telephone.

He explained that GOXI has met the N100 million capital requirement and its presence in the industry will enhance the financial inclusion initiative of the federal government as well as contributes to the nation’s GDP.