NAICOM, NCGC Partner To De-Risk Lending For MSMEs, Manufacturers
L-R: Managing Director of National Credit Guaranty Company (NCGC), Mr. Bonoventure Okhaimo, and Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin in a handshake during the visit.
The National Insurance Commission (NAICOM) and the National Credit Guaranty Company (NCGC) have moved to deepen collaboration aimed at unlocking finance for micro, small and medium enterprises (MSMEs), local manufacturers and consumer credit customers across Nigeria.
The move for closer ties followed a courtesy visit by NCGC’s management to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, on February 27, 2026, where both institutions explored strategies to de-risk lending and expand credit access in critical segments of the economy.
Managing Director of NCGC, Mr. Bonoventure Okhaimo, used the meeting to formally introduce the company, a private limited liability firm licensed by the Central Bank of Nigeria in August 2025 to catalyse access to finance through partial credit guarantees, governance best practices and technology-driven processes.
Okhaimo outlined two flagship products, namely: The National Individual Guarantee and the Portfolio Guarantee, structured to reduce lender risk exposure while stimulating credit growth.
He noted that by absorbing part of the default risk, the guarantees are designed to encourage banks and other financial institutions to extend loans to underserved but viable businesses and consumers.
According to him, NCGC’s broader ambition is to strengthen partnerships among credit guarantors, banks, insurers and regulators, mobilise capital and protect lenders, while accelerating inclusive economic growth.
Central to that ambition, he said, is closer collaboration with NAICOM to create a dedicated engagement platform for insurers and credit guarantee stakeholders.
Such a framework, he explained, would facilitate direct dialogue, promote syndication and reinsurance arrangements, and build market confidence needed to scale credit guarantees nationwide.
In his response, Omosehin welcomed the initiative and expressed support for collaborative efforts that align with NAICOM’s mandate of strengthening the insurance sector’s contribution to economic development.
He acknowledged the shared objective of expanding access to finance for MSMEs, local manufacturers and consumer credit customers, describing the proposed partnership as a pathway to deepen risk-sharing mechanisms and broaden financial inclusion.
The Commissioner for Insurance, expressed NAICOM’s readiness to support frameworks that expand financial access for local manufacturers and small businesses, ultimately driving national economic stability.
The engagement signals a growing recognition that credit guarantees and insurance-backed risk mitigation structures could play a decisive role in addressing Nigeria’s persistent financing gap, particularly for small businesses and domestic producers seeking affordable capital to scale operations.