NAICOM Pledges To Support Development Of Factoring In Nigeria
L-R: Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, and the leader of Nigerian Factoring Working Group, Mr. Hope Yogo, during the Courtesy visit by the Nigerian Factoring Working Group to NAICOM CEO in Abuja on Wednesday, August 28, 2024.
The National Insurance Commission (NAICOM) has pledged it’s readiness to support the development of Factoring in Nigeria.
The Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, made the pledge when he hosted a delegation from the Nigerian Factoring Working Group, who visited him in his office in Abuja yesterday.
Factoring, a financial tool commonly used in international trade, involves a business selling its invoices to a third party, known as a factor, at a discount. The factor then assumes responsibility for collecting the receivables from the customer.
The Nigerian Factoring Working Group was established to create a conducive legal and regulatory environment for factoring in Nigeria.
The delegation from the Nigerian Factoring Working Group made up of members from NEXIM Bank, CBN, GIZ and AfreximBank was led by Mr. Hope Yogo.
The leader of the delegation Mr. Hope Yogo congratulated the new management of NAICOM on their appointment and expressed confidence that the new leadership will effectively deliver on the mandate of the Commission.
He stated that the working group, which is expected to transform into an association very soon, was formed to develop a conducive legal and regulatory infrastructure for factoring in the country.
He also stated that the main reason for their visit was to seek collaboration and partnership with the Commission and the insurance companies on their desire to engage all stakeholders in the value-chain and considering the vital role of insurance in factoring.
The CFI in his response, pledged full support of the Commission to the development of Factoring in Nigeria.
