Nigeria’s push toward a more technology-driven insurance industry received another boost as the National Insurance Commission (NAICOM) granted an operational licence to CBI Partnering Insurtech Ltd, officially recognising the company as the country’s first fully licensed partnering insurtech firm.
The approval marks a significant step in NAICOM’s broader efforts to modernise the insurance sector through digital innovation while maintaining regulatory oversight and consumer protection standards.
The licence was formally presented during a handover ceremony where officials of the Commission reiterated the importance of balancing innovation with governance in an industry that has long struggled with low penetration and limited public trust.
Speaking at the event, Ekerete Ola Gam-Ikon, deputy commissioner for insurance, finance and administration, said the Commission has continued to reposition Nigeria’s insurance industry in line with evolving global standards and technological realities.
According to him, recent reforms introduced by the regulator, including the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and dedicated operational guidelines for insurtech businesses, are aimed at creating a structured framework capable of supporting innovation across the insurance value chain.
He explained that fostering innovation within a well-regulated environment remains a major strategic priority for the Commission as the industry increasingly embraces digital platforms and technology-enabled services.
“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain,” Gam-Ikon said while presenting the licence.
“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 further noted that the licence approval remains subject to strict compliance with regulatory and ethical requirements, stressing that policyholder protection remains central to the Commission’s oversight responsibilities.
The development also reflects the growing momentum behind NAICOM’s digital transformation agenda for the insurance sector. Last year, the Commission issued operational guidelines for insurtech businesses in Nigeria following extensive consultations and engagements with industry stakeholders.
The guidelines were designed to establish a clear and unified framework for the licensing, operations, and supervision of insurtech firms operating within the Nigerian insurance market. Industry observers viewed the framework as a major step toward formalising digital insurance operations and providing regulatory clarity for emerging technology-driven firms.
Analysts say the latest approval suggests that NAICOM is gradually moving from policy development to practical implementation as it seeks to encourage innovation capable of improving insurance penetration, accessibility, and customer experience.
For years, Nigeria’s insurance sector has faced persistent challenges linked to low public awareness, weak trust levels, and limited market reach despite the country’s large population and expanding digital economy. Stakeholders have increasingly pointed to technology and strategic partnerships as critical tools for bridging these gaps and reaching underserved consumers.
Responding after receiving the operational licence, Suleiman Olalekan Ajani, managing director of CBI Partnering Insurtech Ltd, described the approval as both a major achievement for the company and a positive signal for the future of digital insurance innovation in Nigeria.
Ajani commended NAICOM for what he described as a rigorous licensing process, adding that the Commission’s regulatory framework provides the foundation needed for responsible innovation and long-term industry growth.
“We are honoured to receive this licence from NAICOM,” he said.
“The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”
The licensing of CBI comes at a time when regulators, insurers, and technology firms across Africa are increasingly exploring digital models to expand insurance access, reduce operational bottlenecks, and create products tailored to younger and digitally connected populations.
With the formal licensing of Nigeria’s first partnering insurtech firm, industry stakeholders believe the country may be entering a new phase where technology-driven insurance models become more integrated into mainstream financial services delivery.
Heirs Insurance opens applications for 2026 Essay Championship with N11.5m prizes
Heirs Insurance Group has announced the commencement of applications for the fifth edition of its annual Essay Championship, a nationwide initiative designed to promote insurance and financial literacy among Junior Secondary School students in Nigeria.
The insurance group said the 2026 edition of the competition will award a total of N11.5 million in prizes to outstanding students, teachers, and schools, as part of efforts to deepen awareness and understanding of insurance from an early stage.
According to a statement issued by the Group on Tuesday, the initiative is also aimed at strengthening insurance education among teachers and encouraging broader conversations around financial security in schools and communities.
Under the competition structure, the overall winning student will receive a N5 million scholarship, while the student’s school will get a N1 million education grant. The first and second runners-up will receive scholarships worth N3 million and N1 million respectively.
As part of efforts to increase early engagement with insurance concepts, the Group said insurance-themed quizzes and educational elements have been incorporated into the application process for participating students.
Participants are expected to submit original essays of not more than 500 words on the topic, “The Power of Insurance in Creating Safer and More Secure Societies.”
The submission portal opened on May 27 and will remain accessible until July 8, 2026, through a dedicated online platform.
Heirs Insurance stated that all entries would be assessed by a panel of respected academics, while Deloitte & Touche would provide independent quality assurance to ensure transparency, credibility, and fairness throughout the selection process.
The Group also disclosed that the Teachers’ Insurance Awareness Prize (TIAP), introduced recently to recognise educators promoting insurance knowledge, will continue in the 2026 edition of the championship.
Under the category, the top teacher will receive a N1 million cash prize, while the winning teacher’s school will get an additional N500,000 grant.
To qualify for the award, teachers are required to execute insurance awareness projects within their schools or communities and submit evidence demonstrating the impact of their initiatives through the competition portal.
Heirs Insurance Group noted that the championship aligns with its broader mission of improving financial inclusion and expanding insurance awareness across Nigeria, particularly among younger generations.
The Group, which is the insurance subsidiary of Heirs Holdings, operates through Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers.
With operations spanning corporate and retail segments, the company said it continues to expand its digital and omnichannel insurance offerings as part of efforts to democratise access to insurance services across the country.
