BOI, NHIA Sign MoU to Drive Mandatory Health Insurance Compliance, Expand Coverage for MSMEs

Sunday Ehigiator

Bank of Industry (BOI) and National Health Insurance Authority (NHIA), yesterday, signed a Memorandum of Understanding (MoU) aimed at expanding health insurance coverage among Nigerian businesses, particularly Micro, Small and Medium Enterprises (MSMEs), cooperatives, and individual entrepreneurs.

Speaking at the signing ceremony, Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, described the partnership as a strategic response to Nigeria’s evolving healthcare, productivity and inclusion priorities, in line with the Renewed Hope Agenda of President Bola Tinubu.

Olusi said the agreement underscored BOI’s commitment to universal health coverage and sustainable economic development, stating that the bank is an early adopter of the presidential directive on mandatory health insurance compliance.

He stated, “This collaboration with NHIA reflects our belief that strong human capital is fundamental to productivity, resilience and long-term economic growth.

“By integrating health insurance compliance into our loan engagement processes, we are translating national policy into practical action across the private sector.”

Olusi explained that as BOI strengthened its environmental, social and governance (ESG) framework, sustainability considerations were being deliberately embedded into its credit processes.

According to him, access to healthcare improves workforce stability, boosts productivity, and reduces out-of-pocket medical expenses for businesses and their employees.

Olusi added that the initiative aligned public policy with private sector execution and will extend its impact nationwide by encouraging enterprises to integrate health and social protection into their operations.

In his remarks, Director-General and Chief Executive Officer of NHIA, Dr. Kelechi Ohiri, described the MoU as a significant milestone in the implementation of the National Health Insurance Act, 2022, which makes health insurance mandatory for all Nigerians and legal residents.

Ohiri recalled that while the Act was passed in May 2022, its enforcement gained momentum following a presidential executive order issued in September this year to give effect to the law.

Ohiri stated, “Insurance is about trust and social protection. Workers who are driving our economy deserve financial protection against the catastrophic costs of illness.

“Today’s event is not just the signing of a document, but a shared commitment to sustainable healthcare financing, a stronger health system, and improved productivity.”

He commended BOI for pioneering the initiative and setting a model for other institutions to follow, stating that the partnership will facilitate the enrolment of BOI-funded beneficiaries and their employees into NHIA-approved health insurance schemes.

According to Ohiri, “The collaboration supports President Bola Tinubu’s priority of achieving universal health coverage, as outlined under the Health Sector Renewal Investment Initiative led by the Coordinating Minister for Health and Social Welfare.”

He said NHIA’s strategy rested on four pillars: expanding coverage through enforcement of the mandate, ensuring equity so no one is left behind, improving quality of care, and enhancing productivity by reducing illness-related work disruptions.

Under the MoU, health insurance enrolment will become a compliance requirement within BOI’s loan application and disbursement processes. The framework targets MSMEs, cooperatives and individual entrepreneurs seeking BOI financing who were not yet enrolled in health insurance schemes.

A note on the collaboration said the initiative was anchored on Sections 3(b) and 14(1) of the NHIA Act, 2022, which mandate health insurance for every Nigerian and legal resident.

By leveraging BOI’s role in enterprise financing, the partnership is expected to accelerate health insurance compliance nationwide.

The collaboration was projected to improve health outcomes, reduce mortality rates and advance Nigeria’s goal of achieving Universal Health Coverage by aligning development financing with national health priorities.

Ohiri assured that NHIA would provide continuous technical support to BOI and participating businesses to ensure seamless implementation of the initiative.