Dr Godwin Ehigiamusoe, the Managing Director, Lift Above Poverty Organisation (LAPO) Group, has urged flexible and innovative processes in the provision of micro insurance products to small businesses.
Ehigiamusoe, also the Chief Executive Officer of LAPO Microfinance Bank (LAPO MFB) made the call in an interview with the News Agency of Nigeria (NAN) in Benin on Tuesday.
“They do not like insurance policies, they believe that insurance policies are for the rich and big businesses.
According to the LAPO boss, the products development for micro insurance should involve small units of services which should be rendered in innovative ways to meet the peculiar nature of micro and small businesses.
He added that micro finance banks that had been in existence for more than 12 years could provide its institutional structure for micro insurance to reach low income people.
“MFB can go into micro insurance due to the fact that they are targeting the same set of people and the same set of businesses.
“The micro insurance products are typical as those provided by conventional insurance companies; life insurance, health insurance and other policies that protect businesses against risks,’’ he added. (NAN)