Anjiye Boyle’s Post

Nigeria Social Insurance Trust Fund (NSITF) I referred to the organization as "the merciful one." You are pardoned for your lack of awareness. Please settle the outstanding debt without incurring any additional penalties. The Nigeria Social Insurance Trust Fund (NSITF) is a government agency responsible for implementing the Employee Compensation Scheme (ECS), which compensates employees who suffer from occupational diseases or injuries resulting from workplace accidents or during employment. The requirements for registration are as follows: 1. Certificate of Incorporation 2. Duly executed NSITF ECSRE01 form. The form can be downloaded from the website or obtained in person at any of their offices. After submitting the required documents, you will be contacted for a verification process, and a registration number will be issued upon completion. Remember, Knowledge is virtue, and Ignorance is vice. #Regulatorycompliance #Statutorycompliance #Management #HumanResource

*Understanding NSITF: What You Need to Know* Are you an employee or employer in Nigeria? Do you know about the Nigeria Social Insurance Trust Fund (NSITF)? *What is NSITF?* NSITF is a social insurance scheme established to provide financial protection to employees in the event of: 1. Work-related injuries or diseases 2. Disability 3. Death *Key Benefits:* 1. Employees' Compensation Scheme (ECS) 2. Industrial Injury Benefit 3. Disability Benefit 4. Death Benefit *Who is Eligible?* 1. All employees in the public and private sectors 2. Self-employed individuals *How to Register:* 1. Employers: Register with NSITF and contribute 1% of the employee's monthly salary 2. Employees: Ensure your employer registers you 3) Contact me for more information on the scheme *Why is NSITF Important?* 1. Protects employees' financial well-being 2. Promotes workplace safety 3. Supports economic growth #NSITF #NigeriaSocialInsuranceTrustFund #SocialSecurity #EmployeeBenefits #NigerianWorkers

The Importance of Insurance in Nigeria's Current Economic Reality In the face of Nigeria's challenging economic landscape—characterized by inflation, unemployment, and fluctuating oil prices—insurance plays a critical role in promoting stability and resilience. As businesses and individuals grapple with financial uncertainty, insurance offers a vital safety net, helping to mitigate risks and protect assets. For businesses, insurance safeguards against operational losses due to unforeseen circumstances such as property damage, theft, or economic disruptions. This is particularly crucial in a volatile economy where such setbacks can lead to bankruptcy or closure. For individuals, insurance—whether health, life, or property—provides financial relief in times of crisis, reducing the burden of out-of-pocket expenses. Furthermore, insurance promotes investment and economic growth by allowing businesses and investors to take calculated risks with the confidence that they are financially protected. In this way, the insurance sector not only shields against immediate losses but also supports long-term economic development. In Nigeria’s current economic reality, where uncertainties loom large, the role of insurance is indispensable in fostering economic stability and personal financial security. #Insuranceinnigeria #lifeinsurance #lifeassurance #nigerianinsurancesector #insuranceandfintech #financialintelligence #financialdiscipline #financialmanagement #negotiations #sales #salesmanagement #empathy #emotionalintelligence #heirsholding #heirslife

I wanted to share the key learnings from the session yesterday, but stumbled on a great summary from one of the participants Anita Ama Arhinful,Cert CII-Uk. I couldn’t have captured it any better. I’m glad that you found the session valuable. #microinsurance #inclusiveinsurance #GIA

Insurance is the way to go

I’ve had reasons to think about Nigeria recently, in general but also from an insurance market and acquisition environment. I’ve helped several investors looking at Nigerian insurers over the years. Familiarity with the market and the expectations of these investors has bred complexity rather than contempt. This isn’t an easy diagnosis of land of plenty or dystopian money pit. Nigeria's potential—expansive land, youthful demographics, and diverse economic sectors. Challenges - from inflation and depreciation to security - test investors' optimism. Insurers face hurdles (public trust, expenses, scale, rural distribution and more), but opportunities exist - cracking microinsurance, regulatory reforms on pension and group life, digital distribution, annuities and more. Navigating this dynamic landscape requires strategic planning. #Nigeria #Insurance #MandA #Actuarial #Consulting https://lnkd.in/duyGfkKJ

Why are insurance companies struggling to win hearts in Nigeria? Let’s talk about it... Despite its potential, the Nigerian insurance industry is navigating some stormy waters: 1. Trust Issues – Many still think, “Will they REALLY pay my claims?” 2. Low Awareness – Insurance? Sounds like a luxury most don’t understand or prioritize. 3. Tough Economy – Rising inflation means fewer people can afford policies. 4. Tech Lag – Digital transformation? Still a work in progress for many players. 5. Cultural Alternatives – Many prefer esusu or ajo for risk-sharing. Why? They feel more reliable. ✨ The Silver Lining: Opportunities abound! With public education, stronger tech adoption, and regulatory enforcement, we can reimagine insurance as the safety net it’s meant to be. 💡 The Big Question: What’s one way you think we can reshape perceptions about insurance in Nigeria? Drop your thoughts! 👇 #Insurance #Nigeria #Innovation #Trust

Insurance is vital for wealth creation, but it remains largely unknown in Kenya. Shockingly, only 7% of Kenyans are familiar with the insurance industry. Research by AKI in 2017 revealed that individuals under 24 and over 50 years old are the least informed, while the 41-44 age group is the most knowledgeable. Understanding insurance is key for financial security and future planning. How much do you know about Insurance? Empower your future today with Old Mutual insurance🥳 #InsuranceAwareness #FinancialSecurity

🔍 Social Security Asset Reserves Update 🔍 Last week, the Social Security Trustees released their annual report, highlighting key projections for the program's future. Key Highlights: - Social Security's asset reserves come from the Old-Age and Survivors Insurance Trust Fund (OASI) and the Disability Insurance Trust Fund (DI). - Taxes started in January 1937, with regular benefits beginning in January 1940. The first check was $22.54. - The peak reserve of $2.9 trillion in 2020 is now declining. - OASI fund is expected to be depleted by 2033, with combined trust funds insolvent by 2035. Originating from the Social Security Act of 1935, the program now includes disability insurance, survivor benefits, and SSI. These projections highlight the urgent need for reforms to ensure long-term solvency. Stay informed and proactive about Social Security's future. 📊💡 #rva #richmond #richmondvirginia #virginia #virginiabusiness

Keynote Address by Rantimi Ogunleye, executive director, technical OldMutual Insurance, representing Olusegun Omosehin, FIIN Chairman, Nigeria Insurers Association (NIA) Theme: Insurance as a Key Driver for Economic Growth in Nigeria's Economic, Infrastructural, and National Development #insurance #businessday