Stakeholders in the insurance and banking industries have harped on the need for Nigerians especially youths to embrace how to invest their funds wisely,digital payments and insurance .
They said these at the just concluded 2025 Youth Capacity and Empowerment programme organised by the Finance and Business Online Publishers Association (FiBOP) in Lagos.
Speaking at the well attended event, the Senior Manager and Team Lead at AIICO Insurance PLC, Mojisola Ogundipe, described insurance as a system that provides protection to persons against financial loss and that it also assist in providing help in the event of any unforeseen circumstances such as accidents, illness, fire out breaks among others
Speaking further, Ogundipe explained the various types of insurance to include : accident, education, fire, home, life, health, vehicle insurance among others .
She hinted that each of these insurance policy serves a specific purpose in managing risk and financial uncertainty of policy holders.
On digital payments which is now the trend in business transactions, Igundipe informed that digital payments as the future of business transactions enabling payments to be made using using phones, cards and computers.
Some of the frequently used digital payments methods according to Igundipe are : mobile wallets such Google Pay and Apple Pay, bank apps, debit/credit cards, and QR codes.
On investment, Ogundipe said it involves putting money into an account to earn more over time.
These investments, she said, includes opening a savings, fixed deposit account , mutual funds, stocks.
Though, cryptocurrency was mentioned , she however said that investing in it is a highly risk venture.
Other stakeholders who spoke at the forum, agreed with Ogundipe that insurance protects life and assets, adding that it good for one to take up insurance policies be it life, accident or fire as it will provide cover to the holder in the event of any unforeseen circumstances in future.
Digital payments on the other hand, the stakeholders also agreed are the new normal, and that investments are crucial for the future.
Speaking further, the stakeholders opined that in view of the importance of insurance, investment and digital payments, youths in the country should key into these financial tools early in life to bring about financial inclusion and secure them financially tomorrow.
Earlier, the President of FiBOP, Charles Onwuatuogwu, in his opening remarks, urged Nigerian youths to first and foremost understand the financial and insurance industries and how they operate as this will help them navigate future financial landscape efficiently and effectively.
According to him, “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.”
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