Call for Holistic Approach to Financial Inclusion
Mutual Benefits Assurance PLC has highlighted a pressing need for a comprehensive strategy to financial inclusion, as recent credit reports reveal that merely 6% of financially included adults in Nigeria can access formal credit. This underscores the necessity of integrating financial access with savings, insurance protection, and long-term financial planning.
Importance of Financial Protection Mechanisms
Leading insurance experts maintain that while access to credit is vital for economic growth, robust financial protection mechanisms are essential for individuals and businesses to weather economic downturns. Insurance coverage plays a crucial role in safeguarding against unexpected financial disruptions.
Diverse Solutions for Wealth Preservation
Mutual Benefits Assurance offers an extensive range of products that empower Nigerians to build, preserve, and protect their wealth. Their offerings include education-focused protection plans, life assurance products, savings solutions, auto and property insurance, as well as business protection plans aimed at ensuring clients can safeguard their aspirations.
Contradictions in Nigeria’s Financial Ecosystem
A recent study published in the Nigeria Credit Situation Report 2025 exposes stark contradictions within the country’s financial ecosystem. While over 64% of Nigerian adults are economically engaged, the penetration of formal credit remains disappointingly low, with only about 6% accessing it through established financial institutions.
Need for Enhanced Support for SMEs
According to the report released by Credit Direct in June 2026, microfinance banks represent a mere 5.4% of total outstanding loans in Nigeria. This statistic emphasizes the urgent need for greater support for small and medium-sized enterprises (SMEs) and underserved communities, which often find themselves on the fringes of traditional financing options.
Accessible Financing Solutions from Mutual Microfinance Bank
In response to these challenges, Mutual Microfinance Bank is committed to providing accessible financing solutions tailored to small and medium-sized enterprises, traders, salaried workers, entrepreneurs, and startups across Nigeria. By December 31, 2025, the Bank had disbursed N1,372 million in loans, enhancing access to formal credit. This upward trend continued, with the loan portfolio reaching N1,558 million by the end of Q1 2026, reflecting a positive shift in supporting productive economic activities.
Encouraging a Culture of Savings and Risk Management
Femi Asenuga, Managing Director of Mutual Benefits Assurance, emphasizes that SMEs are the backbone of Nigeria’s economy, yet many encounter significant hurdles in accessing affordable financing. He advocates for a shift in mindset that goes beyond borrowing, urging individuals and businesses to embrace a culture of savings, risk management, and financial protection. Sustainable prosperity involves not only income generation but also safeguarding that income against unforeseen challenges.
As the Nigerian economy gears up for further growth and an increase in financial demand across sectors, Mutual Benefit is committed to fostering an ecosystem where credit access, savings, and financial protection work in synergy to enhance overall financial health. The company remains dedicated to providing innovative insurance solutions and accessible financial services, enabling Nigerians to build resilience and pursue their ambitions with confidence.
With over 30 years of experience, Mutual Benefits Assurance Plc is one of Nigeria’s leading insurance providers, delivering reliable life and general insurance solutions to individuals, families, and businesses. The company’s commitment to innovation, customer-centricity, and financial inclusion continues to resonate with its growing customer base across the nation.
