NAICOM Licences Digital Insurance Company

The National Insurance Commission has granted an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech company in Nigeria.

NAICOM disclosed that the approval reflects ongoing efforts to promote innovation while maintaining market integrity and consumer protection within the insurance industry

The commission announced the development in a statement issued after the formal presentation of the operational licence to the company.

According to NAICOM, the approval aligns with broader reforms aimed at modernising Nigeria’s insurance sector through the Nigerian Insurance Industry Reform Act 2025 and newly introduced guidelines for insurance technology firms.

The commission stated that the licensing represents a significant milestone in the development of a structured and technology-driven insurance ecosystem in Nigeria.

Speaking during the licence presentation ceremony, Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the commission was implementing measures designed to align Nigeria’s insurance market with global standards.

He noted that the recently enacted Nigerian Insurance Industry Reform Act 2025 and the commission’s insurtech guidelines are expected to support innovation and transformation across the industry.

According to him, encouraging innovation within a strong regulatory framework remains one of NAICOM’s strategic priorities.

Ola Gam-Ikon stressed that the operational licence was granted subject to strict compliance with regulatory and ethical standards.

He added that innovation within the insurance industry must be accompanied by adequate consumer protection measures and sound governance practices.

The deputy commissioner further stated that Nigeria’s approach to insurance technology regulation was attracting increasing international recognition, particularly in the adoption of digital solutions aimed at improving insurance penetration and sector growth.

According to him, the licensing of CBI Partnering Insurtech Ltd demonstrates the commission’s commitment to responsibly supporting innovation across the insurance value chain.

He added that the company is expected to comply fully with all applicable regulatory requirements and uphold high standards of corporate governance and ethical conduct.

NAICOM stated that the licensing also reflects its readiness to support technology-driven business models capable of expanding access to insurance products and services across the country.

The commission explained that insurtech firms are expected to play an important role in improving insurance inclusion, operational efficiency and customer experience through digital platforms, partnerships and data-driven solutions.

Responding to the approval, Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for its regulatory guidance and the licensing process.

Ajani stated that the company would leverage the regulatory framework provided by the commission to deepen strategic partnerships and expand technology-driven insurance solutions.

According to him, the company’s operations would focus on strengthening consumer trust, transparency and protection within the insurance market.

The licensing forms part of NAICOM’s broader efforts to integrate innovation into Nigeria’s insurance ecosystem while ensuring that emerging technology-based operators remain subject to appropriate compliance, governance and consumer protection standards.