Cnavie to increase its capital

The Compagnie Nouvelle Assurance Vie du Niger (Cnavie-Niger) has increased its share capital by 1 billion FCFA (1.680 million USD), from 2 billion FCFA (3.36 millions USD) rising to 3 billion FCFA (5.041 million USD).

This decision, which was adopted at the insurer's board of directors meeting, is aimed at complying with the minimum capital requirements imposed by the CIMA (Inter-African Conference of Insurance Markets). Since 2016, date of entry into force of the new regulation, CIMA has been requiring insurance companies to increase their capital to 3 billion FCFA (5.041 million USD) within three years and to 5 billion FCFA (8.402 million USD) over a period of five years.