NAICOM, NCGC move to Expand Credit Access to MSMEs, Others
By Patience Ikpeme
The National Credit Guaranty Company (NCGC) has started a new partnership with the National Insurance Commission (NAICOM) to make it easier for small business owners and local manufacturers across Nigeria to get loans from banks.
The Managing Director of NCGC, Mr. Bonoventure Okhaimo, shared this vision during a recent visit to the NAICOM headquarters. He explained that many small businesses struggle to get credit because banks worry about the risk of not getting their money back. To solve this, the NCGC was licensed by the Central Bank of Nigeria in August 2025 to act as a middleman that provides guarantees for these loans.
During the meeting, Mr. Okhaimo said that his agency wants to create a special platform where insurance companies and credit experts can talk to each other. This will allow them to work together on insurance for loans and build trust in the market so that more people can access credit safely.
The NCGC boss noted that they have two main ways of helping people get money. The first is the National Individual Guarantee, and the second is the Portfolio Guarantee. Both are built to reduce the fear banks have when lending and to make sure money flows to those who need it to grow their businesses.
“NCGC aims to strengthen partnerships between credit guarantors, banks, insurers, and regulators,” Mr. Okhaimo said. He also noted that the company is focused on moving capital to the right places, protecting the banks that lend the money, and making sure the nation’s economy grows in a way that includes everyone.
He further described the NCGC as a modern, technology-driven company that follows the best rules of business to ensure that the process of getting a loan guarantee is smooth and transparent for every Nigerian.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed his support for the move. He said that NAICOM is happy to work with the NCGC because both organizations share the same goal of helping Micro, Small, and Medium Enterprises (MSMEs), local producers, and everyday consumers get the financial support they need to succeed.
