Nigeria Opens New Insurance Era As NAICOM Licenses First Insurtech Company

By LOVETH

The National Insurance Commission (NAICOM) has granted Nigeria’s first operational licence to a partnering insurtech firm, signalling a major shift in the country’s insurance regulatory landscape and reinforcing the Commission’s drive to deepen technology-driven innovation under stricter regulatory oversight.

The licence was formally presented to CBI Partnering Insurtech Ltd during a handover ceremony where NAICOM reaffirmed its commitment to balancing innovation with policyholder protection and market discipline.

Speaking at the event, Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the approval reflected the Commission’s strategic push to align Nigeria’s insurance industry with global standards through regulatory reforms and technology adoption.

He cited the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and NAICOM’s insurtech guidelines as critical pillars supporting the transformation of the sector.

According to him, the Commission remains committed to creating an enabling environment for innovation while ensuring operators comply with strict governance, ethical, and regulatory standards designed to protect policyholders.

“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain,” he said, stressing that the licence comes with an obligation to uphold the highest standards of corporate governance and ethical conduct.

Gam-Ikon also noted that Nigeria’s insurance regulatory framework was gaining international recognition for its technology-focused approach to accelerating sector growth and improving insurance accessibility.

Responding, Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, described the approval as a significant milestone for the company and the broader insurtech ecosystem.

He commended NAICOM for what he described as a rigorous but forward-looking licensing process, noting that the regulatory framework would support the delivery of technology-driven insurance solutions built on transparency, consumer trust, and protection.

Industry observers say the development could open a new phase of digital transformation within Nigeria’s insurance sector as regulators intensify efforts to expand insurance penetration through innovation-led models.