Business
NIA Hails Proposal To Insure National Assets
The Chairman, Nigeria Insurers Association (NIA), Mr Eddie Efekoha, has commended the Federal Government over its plan to insure national assets.
Efekoha told newsmen in Lagos last Monday that the measure shows that the Federal Government recognises the role of the industry in the economic development of the nation.
The Minister of Finance, Mrs Kemi Adeosun, had at the 2017 National Insurance Conference (NIC) held in Abuja recently said the Federal Government would insure all its assets to attract foreign investors.
Efokoha urged the Federal Government to play its part by redeeming the promise and paying the N8.4 billion premium backlogs.
He said that the payment of the N8.4 billion premium backlogs would change the wrong perception Nigerians had about insurance.
“Moreover, the fund can provide finance for our long term economic growth for the country’s recovery.’’ he said
Efokoha explained that the industry was making progress as its Gross Premium Written (GPW) had hit N350 billion in 2015.
He, however, said the industry could record better performance if the government fulfilled its promise.
Efokoha said the introduction of insurance products in growing mortgage and housing sector would spur the industry to record geometrical progress.
“NIA efficiently played its part at mitigating the impact of recession on Nigerians with insurance policies through prompt payments of claims.
“NIA also ensured that the insurance market was expanded beyond the upper class and formally employed market.
“The industry has reached out to the middle and lower income classes and the distribution channels became more innovative, considering product features, cost, proximity and other relevant factors.’’ he said
He commended the National Insurance Commission (NAICOM) for its efforts at repositioning the industry, adding that stronger ties with service providers would promote the industry.
“Technology is taking over the world, payment system is changing with trends, we practitioners have talked so much about deepening insurance penetration.
“Insurance penetration cannot be deepened without employing technology to fast track insurance deliveries,’’ Efokoha said.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
