NIC collaborates with FSDAfrica to digitize Ghana’s insurance sector

Source: 10/31/2023, Location: Africa

The National Insurance Commission (NIC) has partnered with the Kenyan-based Financial Sector Deepening (FSD) Africa to modernize and improve the insurance sector in Ghana.

This partnership aims to digitize the sector, making it more accessible to the citizens of the country.

During a press briefing on the InnoLab InsurTech by FSD held on Friday, October 27, 2023, in Accra, the Acting Commissioner of the NIC, Michael Andoh, explained that this initiative is a response to the increasing digitization of various aspects of life.

Currently, only about 7 million Ghanaians are registered with the National Insurance Commission.

“Life is becoming increasingly digitized, and virtually everything is moving online. People live and transact on the internet.

“Therefore, the insurance industry also needs to embrace this technological revolution to ensure its continued existence,” he stated.

Elias Omondi, a representative of FSD Africa, emphasized that the initiative aims to bring about positive change.

“As FSD Africa, we aim to make finance work for Africa’s future. We assess the needs of the people, considering the environments they live in, and focus on supporting change agents who can drive the necessary changes.

“We have already supported more than twelve innovators in Ghana and continue to support innovators to help create the change and resilience that Ghana truly needs,” he explained.

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