Insurers push NIN compliance ahead of April 30 deadline

Insurance firms have said the directive to link National Identification Numbers (NIN) with insurance policies is progressing steadily ahead of the April 30 deadline set by the National Insurance Commission (NAICOM).

The insurers, who spoke on Sunday, said they had stepped up awareness campaigns and customer engagement to ensure compliance with the directive.

Akinjide Orimolade, chief executive officer of Stanbic IBTC Insurance Ltd., said implementation of the directive was already underway across the industry.

Mr Orimolade noted that the move aligns with broader know-your-customer (KYC) requirements aimed at strengthening transparency within the financial system.

“For us in the insurance industry, the focus is on creating awareness and ensuring that both new and existing customers provide their NINs,” he said.

He added that since receiving the directive from the regulator, insurers had been working to meet the April 30 deadline, noting that progress so far had been encouraging.

The CEO, however, emphasised the importance of obtaining customers’ consent before capturing their NINs, in line with data privacy regulations.

Also speaking, Segun Bankole, deputy general manager, corporate communications and investor relations at Sovereign Trust Insurance Plc, said the company had begun sensitising customers.

This, he said, was through direct messaging, with many already responding by submitting their NINs.

According to him, although some customers have expressed concerns about data privacy, particularly regarding sensitive information, the requirement has generally gained acceptance.

Mr Bankole described the initiative as a step toward deepening financial inclusion and enhancing security in the system.

He likened it to practices in the banking sector, where customers are required to provide verifiable identification such as the Bank Verification Number (BVN).

“We usually attach the regulator’s memo to our messages so customers can be properly informed. It is a continuous exercise, and we are making steady progress,” he said.

He added that capturing basic customer information was essential for expanding financial inclusion and strengthening the relationship between customers and institutions.

Mr Bankole further noted that the initiative would help address issues such as fraud, terrorism financing and money laundering.

In the same vein, Ebose Osegha, Managing Director of Anchor Insurance Company Ltd., said compliance with the directive was ongoing across the industry.

Mr Osegha acknowledged that some policyholders might initially be reluctant but noted that the initiative remained necessary for the sector’s long-term growth.

“It is not unusual. If BVN works for the banking sector, there is no reason it cannot work for insurance policyholders,” he said.

He added that while people might resist change at first, the process was inevitable and beneficial, stressing that the industry was making steady progress toward full compliance.  NAN