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🇳🇬 Nigeria /Technology

NAICOM grants Nigeria's first partnering insurtech license

From The Punch · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • The National Insurance Commission (NAICOM) has licensed CBI Partnering Insurtech Ltd, making it Nigeria's first fully licensed partnering insurtech company.
  • The move aligns with NAICOM's commitment to fostering innovation while maintaining market integrity and protecting policyholders.
  • The licensing is part of broader efforts to modernize the insurance sector through new legislation and specialized guidelines for insurtech firms.

Nigeria's insurance sector has welcomed a significant milestone with the National Insurance Commission (NAICOM) granting an operational license to CBI Partnering Insurtech Ltd. This marks the company as the first fully licensed partnering insurtech firm in Nigeria, operating under the nation's evolving insurance regulatory framework.

This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.

· NAICOM statementHighlighting the significance of licensing the first partnering insurtech company.

NAICOM stated that this development underscores its dedication to promoting innovation within the industry while upholding market integrity and ensuring robust policyholder protection. The commission reaffirmed its commitment to regulatory reforms and consumer protection during the license handover ceremony.

The issuance of the license coincides with ongoing efforts to modernize the insurance sector, driven by the implementation of the Nigerian Insurance Industry Reform Act 2025 and the introduction of specific guidelines for insurance technology firms. This strategic approach aims to accelerate insurance penetration and foster sectoral growth through digital solutions.

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.

· Mr. Ekerete Ola Gam-IkonPresenting the license and outlining expectations for the company.

Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance, Finance and Administration, emphasized that NAICOM is taking deliberate steps to align Nigeria's insurance market with global standards. He noted that while innovation is encouraged within a strong regulatory framework, it must be pursued alongside adequate consumer safeguards. The regulatory approach to insurance technology in Nigeria is gaining international recognition for its potential to drive transformation.

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 i

· Mr. Ekerete Ola Gam-IkonEmphasizing the responsibilities that come with the insurtech license.
About this summary

Originally published by The Punch in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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