The National Insurance Commission (NAICOM) and the Central Bank of The Gambia have created a working dimension for regulatory collaboration in key areas of insurance supervision namely, risk-based supervision, prudential frameworks and inclusive insurance.
These were spelt out today, Monday, June 23, 2025, when a high-powered delegation from the Central Bank of The Gambia, led by Mr. Nyang Medeleine Gomez, paid a strategic working visit.
NAICOM Deputy Commissioners for Technical and Finance and Administration, respectively Dr. Usman Jankara, and Mr. Ekerete Ola Gam-Ikon received the delegation and expressed NAICOM’s readiness for collaboration and mutual learning. Jankara described the engagement as a “knowledge-sharing visit,” noting that “no one regulator has all the answers,” and emphasized the importance of peer-to-peer learning in enhancing regulatory capacity across Africa.
Gomez in his remarks said the visit was intended to understudy NAICOM’s implementation of a risk-based supervisory system to ensure a stable and resilient insurance sector. Second, exploring strategies for expanding insurance access to underserved and low-income populations through inclusive insurance frameworks; and third, learn best practices in prudential regulation to safeguard policyholders’ interests and uphold public confidence in the insurance market.
Jankara cleared that NAICOM’s was committed The Gambia’s areas of interest. He also updated the delegation on the regulatory framework that has evolved, especially in corporate governance, where the Commission has moved from basic compliance to robust enforcement.
He also highlighted NAICOM’s progress in promoting financial inclusion, citing the successful licensing of 15 microinsurance companies and 6 Takaful insurance providers, milestones that reflect growing insurance penetration. He assured that NAICOM would share its operational templates and regulatory manuals of the directorates and departments, including Inspectorate, Supervision, and Innovation & Regulation. He further noted that the newly passed Insurance Regulatory Bill, awaiting presidential assent, will contribute meaningfully to the current administration’s goal of achieving a one-trillion-dollar economy.
