Banking

NAICOM, Foundation sensitize Kano MSMEs on Micro Insurance

Published

on

Micro, Small and Medium Enterprises (MSMEs) start-ups in Kano state were on Wednesday sensitized on Micro Insurance and ‘Takaful’, the Islamic version, to avail themselves of their benefits, at a workshop by the National Insurance Commission (NAICOM) and Star Sapphire foundation.

The two-day workshop, which had as its theme: ‘National Workshop on Micro Insurance and Takaful’, was organized as a collaboration between the two organizations, and declared open by Mr. O.S Thomas, a NAICOM commissioner.

Thomas noted that MSMEs were important to employment and economic growth of Nigeria, contributing 48 per cent of national Gross Domestic Product (GDP) 96, per cent of businesses and 84 per cent of employment.

He said that Nigeria has over 37.7 million MSMEs, according to the Ministry of Industry, Trade and Investment, and that for this reason, they could not simply be ignored, especially at a time when the government is looking for ways to address the twin problems of poverty and unemployment.

Also speaking, the Head of Micro Insurance unit of NAICOM, Hajiya Aisha Bashir said the main objective of the workshop was to enlighten start-ups on the need to have Micro Insurance.

She, however, noted that a key lesson learnt from the workshop was that although MSME operators in the state want Micro Insurance, but preferred Takaful, being interest-free and compliant with their religious beliefs.

Bashir also stated that the awareness created at the workshop had prompted NAICOM to boost its awareness creation efforts and, would create micro Takaful insurance in order to pave way for MSMEs in Kano to benefit.

In his remarks, Alhassan Haruna, a Board Member of Star Sapphire said Kano has the highest number of MSMEs in the country, saying out of the 13 million population in the State, over eight million were engaged in businesses.

He said the workshop was organized to enlighten the small scale business owners about micro insurance, saying, “that was what informed the decision to start the sensitization campaign from Kano.

“A lot of business organizations have been invited in a bid to be enlightened on micro insurance because of the belief that most Muslims did not believe in the insurance, for religious reasons.

“But now Islamic scholars have raised awareness. People have now started to understand insurance’’, he said. 

Edited By: Mouktar Adamu
Source: NAN

Bamalli Abbas

Bamalli Abbas: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Coronavirus – Uganda: COVID-19 update (February 26, 2021) Coronavirus – Rwanda: COVID-19 update (February 26, 2021) Coronavirus – Eswatini: COVID-19 update (February 26, 2021) Coronavirus – Kenya: COVID-19 update (February 26, 2021) Coronavirus – Nigeria: COVID-19 update (February 26, 2021) Coronavirus – Zambia: COVID-19 update (February 26, 2021) Coronavirus – Zimbabwe: COVID-19 update (February 26, 2021) Visit of the message of unity, peace and solidarity in Mali Innovative Smart Bag Redefines Menstruation Management for Refugee Girls in Uganda UNMISS helps restore calm and stability after recent violence in Koch Football progress in schools tops Benin’s agenda WHO launches first Mass Loss Management (MCM) training in Addis Ababa Coronavirus – Ghana: COVID-19 patients on admission receive WHO dignity kits Coronavirus: Côte d’Ivoire becomes the second African country and the first French-speaking country to receive doses of vaccine via the COVAX Facility UNHCR requests $ 164 million for displaced Central Africans Coronavirus – Uganda: COVID-19 update (February 25, 2021) Coronavirus – Nigeria: COVID-19 update (February 25, 2021) Coronavirus – Malawi: COVID-19 update (February 25, 2021) Coronavirus – Eritrea: Ministry of Health announcement (February 25, 2021) Coronavirus – Ethiopia: COVID-19 update (February 25, 2021) Top PR Professionals, Business Leaders Headline First Edition of Experience Public Relations Coronavirus – South Africa: COVID-19 update (February 25, 2021) UN forum unveils wonders of artificial intelligence and other sciences, technologies and innovations for Africa Coronavirus – Eswatini: COVID-19 update (February 25, 2021) Coronavirus – Rwanda: COVID-19 update (February 25, 2021) Africa needs pragmatic free market policies to attract capital to gas markets (By NJ Ayuk) Clarke enjoys the Royal Bernard Drome Classic title defense Market volatility and global expansion push INFINOX to half a trillion Equatorial Guinea leads regional gas monetization through Alen Backfill project Coronavirus – Nigeria: Community informants use mobile data collection tools to strengthen COVID-19 surveillance Central African Republic ‘highly unstable’ despite significant progress – UN peacekeeping chief Coronavirus – Eritrea: Ministry of Health announcement (February 24, 2021) Coronavirus – Ethiopia: COVID-19 update (February 24, 2021) Coronavirus – Malawi: COVID-19 update (February 24, 2021) FIFA President’s African visits continue Coronavirus – South Africa: COVID-19 update (February 24, 2021) Coronavirus – Eswatini: COVID-19 update (February 24, 2021) Coronavirus – Nigeria: COVID-19 update (February 24, 2021) Coronavirus – Uganda: COVID-19 update (February 24, 2021) Building greater sustainability, climate resilience in West Africa Local content at the top of Mozambique’s development agenda (By Charné Hundermark) Coronavirus – Rwanda: COVID-19 update (February 24, 2021) West African countries step up Ebola preparedness Angola’s 65-year oil history has been good for Angola despite some challenges (by Andres Vega) African football at a crucial stage with the polls of the African Football Confederation (CAF) looming Reunion for Campenaerts at the Belgian “Opening Weekend” Manchester United announces partnership with StarTimes to bring MUTV to Africa Hennessy Becomes First Global Spirits Partner of the NBA Canon launches EOS M50 Mark II as social content creation continues to soar Progress in women’s football highlighted at meetings in Morocco