Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) has issued Nigeria’s first operational licence to a partnering insurtech firm, a move seen as a major step in the regulator’s drive to deepen innovation, strengthen consumer protection and modernise the country’s insurance industry.
The licence was granted to CBI Partnering Insurtech Ltd during a formal handover ceremony, with the Commission describing the development as part of broader reforms aimed at aligning Nigeria’s insurance sector with global standards.
Speaking at the event, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, said the approval reflects NAICOM’s commitment to building a technology-driven insurance ecosystem under a strong regulatory framework.
He linked the milestone to recent reforms within the sector, including the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the introduction of the Commission’s insurtech guidelines, which he said are designed to support innovation while protecting policyholders.
According to him, NAICOM remains focused on encouraging digital transformation without compromising regulatory compliance and ethical standards.
“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.
He added that Nigeria’s regulatory model for insurance technology is beginning to gain international recognition, particularly for its approach to leveraging innovation to accelerate insurance penetration and sectoral growth.
Responding, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for what he described as a rigorous but enabling licensing process.
“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 said.
The licensing of the country’s first partnering insurtech company comes amid growing efforts by regulators and operators to deploy digital solutions to expand insurance access, improve efficiency and attract more Nigerians into the formal insurance market.
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