The National Insurance Commission (NAICOM) has granted a Partnering Insurtech licence to NETAPPS, marking another step in the regulator’s push to harness technology to expand insurance access and improve financial inclusion across Nigeria.
The licence, presented at a formal ceremony by the Commission, authorises NETAPPS to operate as a recognised technology partner within Nigeria’s insurance ecosystem, enabling it to collaborate with licensed insurers and intermediaries to deliver digital insurance solutions.
Speaking during the presentation, Olusegun Ayo Omosehin, commissioner for Insurance, said the approval aligns with NAICOM’s broader strategy of leveraging innovation to address the country’s persistently low insurance penetration while making insurance products more accessible to underserved segments of the population.
He said the Commission’s priorities remain centred on strengthening consumer protection, enhancing regulatory capacity, promoting the financial soundness of insurance operators, encouraging innovation and sustainability, and broadening access to insurance services nationwide.
According to Omosehin, technology-driven insurance models have become increasingly important as the industry seeks more efficient ways to reach Nigerians who have traditionally remained outside the formal insurance market.
He noted that digital platforms and alternative distribution channels offer significant opportunities to improve insurance uptake, particularly among younger Nigerians whose daily interactions are largely driven by mobile technology.
“Adopting technology-driven solutions and alternative distribution channels is essential to addressing Nigeria’s persistently low insurance penetration rate,” he said, adding that digital innovation can help make insurance products more affordable, inclusive and readily available to millions of Nigerians.
The commissioner also reaffirmed NAICOM’s commitment to working closely with licensed insurtech firms to foster innovation without compromising consumer protection or the stability of the insurance market.
He said the Commission would continue to provide regulatory support for responsible innovation while maintaining effective oversight to ensure licensed operators comply with industry standards and safeguard policyholders’ interests.
With the new licence, NETAPPS joins a growing number of technology firms partnering with licensed insurance companies to modernise product distribution, improve customer experience and extend insurance services to previously underserved communities.
As a licensed Partnering Insurtech, the company is expected to deploy its digital capabilities to support wider insurance distribution, strengthen collaboration across the insurance value chain and operate in compliance with NAICOM’s regulatory framework.
The licensing reflects the Commission’s continued efforts to encourage digital innovation as a catalyst for increasing insurance penetration in Nigeria, where industry coverage remains among the lowest globally despite growing mobile connectivity and rising demand for digital financial services.
