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The capacity building and youths empowerment programme organised by the Finance and Business Online Publishers Association-FiBOP, held at MUSON centre, Lagos, had a convergence of experts from the telecommunication, banking and insurance sectors who encouraged the Nigerian youths to identify with insurance, digital payments, and investment early in life.
In an attempt to inspire the youths, one of the keynote speakers, Mojisola Ogundipe, Senior Manager and Team Lead at AIICO Insurance PLC, defined and simplified insurance to the youths as a system of protection against financial loss, providing help during accidents, illness, or disasters.
She explained various types of insurance, including life insurance, health insurance, vehicle insurance, education insurance, and home insurance, noting that each serves a specific purpose in managing risk and financial uncertainty.
Ogundipe also described digital payments as the future of money, enabling payments and receipts using phones, cards, or computers.
She listed common digital payment methods, including mobile wallets like Google Pay and Apple Pay, bank apps, debit/credit cards, and QR codes.
On investment, Ogundipe said it involves putting money into something to earn more over time.
She mentioned types of investments, such as savings accounts, fixed deposits, mutual funds, stocks, and cryptocurrency, warning that the latter is highly risky.
Stephen Alangbo, the Managing Director/Chief Executive Officer, Cornerstone Insurance Plc, in his submission has identified trust, knowledge gaps, and cultural beliefs as the most significant barriers preventing Nigerian youths from fully accessing insurance, digital payment systems, and investment opportunities.
Alangbo, represented by Kayode Odetola, Head Retail, Cornerstone Insurance Plc.
According to a statement by Paul Iwunwa,Marketing and Corporate Communications, Cornerstone Insurance Plc, Mr. Odetola, speaking during a panel session, stressed that lack of awareness remains the biggest obstacle to youth adoption of insurance and digital financial tools. “Many young Nigerians have never heard of insurance, and those who have often think it’s a scam. We need to demystify financial services and communicate in a language young people understand,” he said.
He noted that trust is the missing link. “Once trust is established, everything falls into place,” he said, citing the case of fintech platforms like OPay and Moniepoint during Nigeria’s 2023 cash crunch, when traditional banks struggled, and alternative platforms proved reliable.
FiBOP President Charles Onwuotogwu, in his opening speech emphasized the need for youths to understand these concepts to navigate the future financial landscape effectively.
“As the financial sector becomes more dynamic, a better understanding of the sector will aid speedy growth and development, particularly insurance, which, despite its importance, is grossly misunderstood,” he said.
The experts agreed that insurance protects life and assets, digital payments are the new normal, and investments are crucial for the future.
They encouraged Nigerian youths to adopt these financial tools early in life to drive financial inclusion and secure their financial futures.
