The Federal government has lauded FSD Africa, a UK-funded specialist development agency strengthening financial market across sub-Saharan Africa, for its numerous programmes in the country including the market regulatory supportive programme which provides funding to build the capacity of capital market regulators across sub-Sahara Africa.
This was stated in a keynote address by Zainab Ahmed, the Minister of Finance, Budget and Planning during the launch of BimaLab insurtech programme, facilitated by FSD Africa in partnership with NAICOM.
According to her, the effort of the market facilitator has aided the development of the 10-year capital market master plan by the security and exchange market commissioner of Nigeria which is aimed at further pushing the Nigerian capital market.
What the Minister is saying
Zainab said she is delighted that the insurance market regulator, NAICOM partnered with the financial agency as part of its drive to encourage innovation and promote the insurance market in the country.
She said, “The effort of FSD Africa in building and strengthening financial market across Africa, as well as its numerous program – such as the market regulatory supportive programme – has aided the development of the 10-year capital market master plan by the security and exchange market commissioner of Nigeria.
“In addition, FSD Africa support in the development of the non-sovereign green bond in Nigeria – that facilitated the launch of the green bond rule by SEC in 2018 and its several funding and capital injection drive to boost supply of capital to small businesses – are truly laudable.”
She added, “The launch of the insurtech platform under the insurance market developmental program of FSD Africa has birthed the innovation of financial solutions such as flex pay, the point of sale, SEC UFI system and others. These are efforts that have contributed to the need of unbanked population, refugees and their host communities as well as underserved population in various African countries.
“It is indeed an opportunity for mentorship from a range of expert and high-profile mentor representing a broad skill base increase connections and network not only in Nigeria but across Africa that can support investment, promote innovative ideas and formation of new partnerships and incorporation of future companies.”