NAICOM approves first Insurtech operator in Nigeria

Barbara Bako, Abuja.

Nigeria’s insurance industry recorded a major milestone as the National Insurance Commission (NAICOM) approved the country’s first operational licence for a partnering insurtech company, in a move aimed at accelerating digital innovation and expanding insurance access.

The operational licence was issued to CBI Partnering Insurtech Ltd during an official presentation ceremony attended by senior officials of the Commission and the company.

Speaking at the event, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, said the development reflects NAICOM’s commitment to creating a modern insurance industry driven by innovation, transparency and consumer protection.

He explained that the Commission has continued to strengthen the regulatory environment through reforms such as the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the introduction of dedicated guidelines for insurtech operations.

According to him, the Commission is focused on encouraging technology-based insurance solutions while ensuring strict adherence to regulatory and ethical standards.

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“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians,” he said.

Gam-Ikon added that Nigeria’s insurance regulatory framework is increasingly gaining global attention for its approach to integrating technology into the sector’s growth strategy.

In his response, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, described the approval as a significant achievement for the company and the industry.

“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritize consumer trust, transparency, and protection,” he stated.

Industry stakeholders believe the licensing of a dedicated insurtech operator could boost digital adoption, improve insurance penetration and encourage more innovation across Nigeria’s insurance market.