At the forefront of a transformative dialogue on financial inclusion, Mr. Stephen Alangbo, Managing Director/CEO of Cornerstone Insurance Plc, spotlighted critical barriers preventing Nigerian youths from engaging with insurance and digital financial services. Speaking at the Finance and Business Online Publishers (FiBOP) Empowerment and Youth Development Program on April 16, 2025, Alangbo emphasized the need to overcome trust issues, knowledge gaps, and cultural misconceptions.
Represented by Kayode Odetola, Head of Retail at Cornerstone, Alangbo addressed a diverse audience at the MUSON Centre in Onikan, Lagos. He pointed out that a significant lack of awareness regarding insurance remains a pervasive challenge. “Many young Nigerians have never heard of insurance, and those who have often think it’s a scam,” Odetola stated during a panel session. He called for a shift in communication strategies to resonate with the youth, stressing the importance of demystifying financial services.
Trust as a Cornerstone
Trust emerged as a recurring theme in the discussion. Odetola highlighted the success of fintech platforms like OPay and Moniepoint during Nigeria’s recent cash crunch, contrasting their reliability with traditional banks’ struggles. “Once trust is established, everything falls into place,” he noted, drawing parallels to Kenya’s M-Pesa, which became a trusted financial tool amid banking instability.
He underscored the necessity of changing cultural narratives surrounding insurance. “In many communities, insurance is viewed as an invitation to misfortune. We need to reshape this perception, presenting it as a proactive means of protection,” he explained.
Innovative Engagement Strategies
Odetola urged industry stakeholders to invest in engaging educational tools tailored for the youth. “If we can meet them where they are—on their phones and social media—we’ll build not just awareness but long-term trust,” he suggested.
Mr. Charles Onwuatogwu, President of FiBOP, reinforced the event’s mission to empower Nigerian youth within the financial ecosystem. He praised the commitment of organizations like Cornerstone Insurance in fostering financial literacy and inclusion. “It is no longer enough to speak to young people—we must engage, educate, and equip them,” he stated.
The FiBOP Youth Empowerment Program featured breakout sessions, innovation showcases, and mentorship clinics, connecting young participants with professionals across various sectors, including fintech and digital banking. Onwuatogwu emphasized the importance of positioning today’s youth not just as consumers but as creators and changemakers in the evolving digital economy.
A Vision for the Future
Cornerstone Insurance’s active involvement in the FiBOP program aligns with its mission to enhance financial literacy and develop accessible insurance solutions. As Nigeria navigates its economic landscape, initiatives like these are pivotal in fostering a generation that is informed, empowered, and ready to contribute to a more inclusive financial future.