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Nigeria's central bank has been urged to rethink its plan to prohibit the country's banks from getting involved in bancassurance, reports Nigerian newspaper BusinessDay.
Nigeria has an insurance penetration of just 0.5% and bancassurance can help improve this situation.
BusinessDay reported that the bancassurance model has already become an active distribution channel in many countries worldwide and Nigeria should be allowed to tap this model, which will help the industry boost its customer base.