Nigeria’s insurance industry recorded a major milestone as the National Insurance Commission (NAICOM) issued the country’s first operational licence to a fully recognised insurtech company, a move expected to accelerate digital transformation and deepen insurance penetration nationwide.
The licence was awarded to CBI Partering Insurtech Limited under NAICOM’s evolving regulatory framework designed to support innovation, improve service delivery and encourage technology-driven insurance operations across the country.
The development marks the first time an insurtech firm has received a full operational licence in Nigeria, signalling what industry stakeholders describe as a significant shift toward a more digitally enabled insurance ecosystem.
Speaking during the formal presentation of the licence in Abuja, Deputy Commissioner for Insurance, Finance and Administration at NAICOM, Ekerete Ola Gam-Ikon, said the approval demonstrates the commission’s commitment to building an innovation-friendly insurance sector while maintaining strong consumer protection standards.
According to him, NAICOM has continued implementing reforms aimed at aligning Nigeria’s insurance industry with international best practices and emerging global trends in financial technology and digital insurance services.
He explained that recent reforms introduced by the commission include the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 as well as a dedicated insurtech guideline developed to support technology-driven insurance operators within a regulated framework.
Gam-Ikon said encouraging innovation within a properly governed environment remains one of NAICOM’s strategic priorities, especially as digital platforms continue reshaping financial services globally.
“This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partering Insurtech and expect full compliance with all applicable regulations,” he said.
The Deputy Commissioner stressed that the operational licence was granted subject to strict adherence to regulatory, ethical and operational standards established by the commission.
He noted that while NAICOM is committed to encouraging innovation and expanding access to insurance through technology, the commission would continue prioritising policyholders’ protection and market stability.
Gam-Ikon added that the newly licensed company is expected to uphold high standards of corporate governance, transparency and ethical business conduct as part of its operational responsibilities within the Nigerian insurance industry.
He further pointed to increasing international recognition of Nigeria’s regulatory approach, particularly in the area of leveraging technology to improve insurance penetration, market inclusion and operational efficiency.
Industry analysts believe the licensing of an insurtech operator could help address longstanding challenges within Nigeria’s insurance sector, including low penetration rates, limited awareness, slow claims processing and restricted access to insurance products in underserved communities.
By integrating digital platforms, artificial intelligence, automated systems and data-driven services, insurtech companies are expected to make insurance products more accessible, affordable and efficient for millions of Nigerians.
Responding to the approval, Managing Director of CBI Partering Insurtech Limited, Suleiman Olalekan Ajani, described the licence as a major breakthrough not only for the company but also for Nigeria’s broader insurtech ecosystem.
Ajani said the development reflects growing confidence in the role technology can play in modernising insurance operations and expanding financial inclusion across the country.
He expressed appreciation to NAICOM for creating a regulatory environment capable of supporting innovation while maintaining industry standards and consumer trust.
The issuance of the licence is expected to encourage more investment in Nigeria’s digital insurance space as regulators continue exploring new ways to modernise the industry and attract younger, technology-oriented consumers.
Stakeholders within the financial services sector believe the move could also stimulate competition, improve service delivery and drive wider adoption of insurance products through mobile applications, online platforms and embedded financial services.
With digital innovation increasingly reshaping financial industries worldwide, analysts say Nigeria’s decision to formally license an insurtech operator places the country among emerging African markets embracing technology-led insurance development.