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.
