Ecobank Nigeria Limited is taking strategic steps to unlock investment opportunities in the insurance sector, Managing Director, Ecobank Development Company (EDC) Fund Management, Ibukun Oyedeji, said yesterday.
Speaking yesterday at the ‘Insurance Roundtable’ organised by Ecobank Nigeria/Securities, Wealth & Asset Management (SWAM), Ecobank Capital, she said the lender woudcontinue to take steps that promote insurance penetration in the country.
She disclosed that Nigerian insurance industry has huge potentials that are largely untapped.
According to her, the insurance roundtable was set up to be a forum that would bring all insurance companies together to discuss the market and pertinent issues in the industry.
“One of the things we know in Nigeria is that the insurance industry has lots of potentials, but has always remained in the infantry stage where the development of the market has struggled over time. So, at Ecobank Nigeria, we saw this as opportunity for them to discuss,” she said.
Speaking further, she said: “There is need for more collaboration between the insurance and banks. Although the regulator has advised on the Bancassurance, one of the things we think is the way outside the regulator’s imposed collaboration is that practitioners need to make sure that the collaboration comes as improved synergy to see how well we can cover the entire Nigeria, especially the masses. If you look at the demography of Nigeria, 50 per cent of Nigerians are working class and they need to be insured against loss of life, critical illnesses, among others,” she said.
Continuing, she said that: “If a merger happens in the market, which I think needs to happen, I think in the long term, insurance would be a buy for me. I think a lot of time, what has happened in the industry is the mis-selling by the agents. A lot of agents in order to meet their targets, sell the wrong insurance and you don’t know. You keep paying for that insurance until when it is time to claim the insurance”.
Also speaking, the bank’s Executive Director, Corporate Banking, Akin Dada, said tapping the opportunities in the insurance sector is good for the economy.
He said there is need for the bank to work with the insurance companies to break the barriers of insurance penetration.
“Insurance penetration has always been a major barrier. We are working with the insurance companies to see how we can unlock the opportunities in the sector. Tax incentive will enhance awareness in the sector and will help to boost insurance penetration in the country,” he said.
HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), has unveiled its maiden HabariPay Impact Report 2025, providing stakeholders with a comprehensive account of the company’s evolution, innovation journey, business performance, and impact on the digital payments landscape.The report captures HabariPay’s transformation from a newly established fintech venture into one of Nigeria’s leading payment infrastructure providers, highlighting the milestones, strategic decisions, and investments that have shaped its growth. It showcases the company’s contributions to enabling digital commerce, supporting businesses, strengthening payment infrastructure, and expanding financial access through technology-driven solutions.The HabariPay Impact Report 2025 also highlights the company’s strong financial and operational performance, the growth of the Squad platform, and the development of infrastructure that powers payment acceptance, switching, transfers, merchant services, and value-added solutions. The publication further explores the role of innovation, talent development, and ecosystem partnerships in driving the company’s success.Speaking on the launch of the report, the Managing Director of HabariPay, Eduofon Japhet, said: “As a technology-driven company, we believe that impact extends beyond financial performance. It is reflected in the businesses we enable, the merchants we support, the infrastructure we build, and the opportunities we create for the next generation of innovators. The HabariPay Impact Report 2025 captures this journey and demonstrates our commitment to creating sustainable value for customers, partners, and the broader economy.”She further added: “The HabariPay Impact Report 2025 represents more than a reflection on our achievements; it is a testament to the deliberate investments we have made in building sustainable payment infrastructure, empowering businesses, fostering innovation, and creating long-term value for our stakeholders. As we look ahead, we remain committed to expanding our capabilities, deepening our impact, and shaping the future of digital payments through technology-driven solutions that are secure, scalable, and inclusive.”The report also showcases HabariPay’s investments in innovation through initiatives such as the Take on Squad Hackathon and the Squad Hackademy, both of which are helping to develop future technology talent and accelerate the creation of practical solutions to real-world challenges.Looking ahead, the publication outlines HabariPay’s vision for the future, including continued investment in payment infrastructure, merchant solutions, digital innovation, and intelligent technologies that will shape the future of financial services.
