Nigeria’s insurance regulator, the National Insurance Commission (NAICOM), has issued the country’s first operational licence to an insurtech company.
The licence was granted to CBI Partnering Insurtech Ltd during a handover ceremony, where NAICOM said the move reflects its broader effort to encourage innovation while maintaining consumer protection and regulatory oversight.
The sector has expanded globally as insurers increasingly adopt artificial intelligence, digital platforms, and automated systems to improve efficiency and financial inclusion.
NAICOM said the approval follows the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the introduction of new insurtech guidelines aimed at aligning Nigeria’s insurance market with international standards.
NAICOM restated its commitment in supporting technology-driven reforms and enforcing compliance standards across the industry.
Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, said the Commission remains focused on fostering innovation within a robust and well-governed regulatory framework.
Many believe possible insurtech expansion can improve insurance penetration in Nigeria, where large parts of the population remain uninsured with technology reducing operational costs, simplify claims processing, and improve access to financial services.
However, concerns were raised that rapid digitisation could create regulatory and cybersecurity challenges if oversight mechanisms do not keep pace with innovation.
