NAICOM licenses first insurtech firm under new reform

Nigeria's National Insurance Commission (NAICOM) has issued an operational license to CBI Partnering Insurtech Ltd, establishing it as the nation's first fully licensed partnering insurtech company. This development signals NAICOM's dedication to promoting innovation within the insurance sector while upholding market integrity and safeguarding policyholders.

The commission stated that the license presentation ceremony underscored its commitment to innovation, regulatory reforms, and consumer protection. This approval arrives as the sector modernizes, driven by the Nigerian Insurance Industry Reform Act 2025 and new guidelines for insurance technology firms. NAICOM highlighted this as a significant milestone in fostering a structured, consumer-focused insurance ecosystem.

“

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

Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Insurance, Finance and Administration, emphasized NAICOM's deliberate steps to align Nigeria's insurance market with global standards. He pointed to the recent reform act and insurtech guidelines as crucial drivers of industry transformation. Gam-Ikon stressed that innovation must advance alongside robust consumer safeguards, noting that Nigeria's approach to insurance technology is gaining international recognition for its potential to boost insurance penetration and 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.