Experts from the Finance and Telecommunication sectors have harped on the need for better understanding of insurance, digital payments and investment by youths in the country .
Speaking at the Finance and Business Online Publishers Association (FiBOP) 2025 Youth Empowerment and Capacity Building programme in Lagos, Tuesday, experts highlighted the benefits of understanding and early adoption of insurance, digital payment and investment, noting that this will not only serve as a means of hedging against future unforseen occurrences but will enhance their leadership capacity and aid their ability to navigate the future with greater ease.
In his opening remarks at the programme themed “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment and Investment To Drive Financial Inclusion,” FiBOP
President of FiBOP, Mr. Charles Onwuatogwu in an address of welcome at the occasion highlighted the rationale behind the programme.
He said the programme was geared towards building the capacity of the youths to enable them navigate the future financial landscape and be able to contribute meaningfully to the growth and development of the Nigerian and African economy, as well as take charge of their finances both now and in future.
He explained that the theme of the program which was painstakingly chosen aims to address the knowledge gap in insurance and digital payment in Nigeria.
“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; hence the need to expose the youths to the basic elements of playing in this field early in life.
“The importance of digital innovation in fostering a better understanding of insurance and its transformative power cannot be overemphasised”
He charged the participants to be very attentive.
The Keynote speaker, a Senior Manager and Team Lead, Persistency, AIICO Insurance PLC, Miss Mojisola Ogundipe, in her presentation on the theme of the program, “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment and Investment To Drive Financial Inclusion,” emphasized the need for youths to be knowledgeable in insurance, digital payments and investment.
She explained that insurance serves as a system of protection against financial loss, and a cover for the things we value.
According to her, insurance provides help during periods of unexpected occurrences or uncertainty such as accidents, illness, or disasters.
She explained some basic terms in insurance, such as Policy, Coverage, Claim, Beneficiary and Premium, while also listing types of insurance to include Life Insurance, Health Insurance, Vehicle Insurance, Educational Insurance as well as Home Insurance, noting that each type of insurance serves a specific purpose, helping individuals and families manage risk and financial uncertainty.
On Digital Payment, she explained that it is the process of paying or receiving money electronically using phones, cards, or computers without any cash involvement or physical contact, adding that this the future of money..
Mojisola gave examples of common digital payment methods to include Mobile wallets (e.g., Google Pay, Apple Pay, PayPal), Bank apps, Debit/Credit Cards and Quick Response (QR) Codes & Unified Payments Interface (UPI) in some counties .
Explaining Investment, she said it is putting money into something to earn more over time.
According to her, types of investments include Savings Accounts, Fixed Deposits, Insurance, Mutual Funds, Stocks, and Cryptocurrency, which she noted is highly risky.
Mojisola summed up her presentation by reiterating the importance of insurance, digital payments, and investment, as follows, “Insurance protects your life and assets. Digital payments are the new normal, just as Investments are for your future.”
Also speaking in the same regard, Rector, College of Insurance and Financial Management, CIFM Dr. Mrs. Chizoba Ehiogu took time to explain what it takes to build a career in insurance as a professional.
She advised the students to embrace the profession in their career choices for better lives and equally gave clue to some institutions of higher learning where insurance is offered as a course of study.