The National Insurance Commission (NAICOM) has granted Nigeria's first operational licence to an insurtech company, a move expected to accelerate digital transformation and boost technology-driven insurance penetration across the country.
The licence was awarded to CBI Partering Insurtech Limited, making it the first fully licensed insurtech entity in Nigeria under the commission's evolving regulatory framework designed to foster innovation.
During the formal handover ceremony in Abuja, Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, stated that the development underscores NAICOM's dedication to promoting innovation within a structured and consumer-focused insurance ecosystem.
He noted that the commission has been aligning Nigeria's insurance industry with global best practices through regulatory reforms, including the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the introduction of an insurtech guideline to support technology-driven insurance operations.
According to Gam-Ikon, encouraging innovation within a well-governed regulatory environment remains a key strategic priority for the commission.
He emphasized that the operational licence was granted subject to strict compliance with regulatory and ethical standards, stressing that NAICOM is committed to balancing innovation with policyholder protection.
"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.
He added that the licence carries the responsibility to uphold high standards of corporate governance, transparency, and ethical conduct within the industry.
The Deputy Commissioner also highlighted growing international recognition of Nigeria's regulatory approach, particularly in leveraging technology to drive insurance sector development and improve market penetration.
In response, the Managing Director of CBI Partering Insurtech Limited, Suleiman Olalekan Ajani, described the approval as a significant milestone for the company and the broader insurtech ecosystem.
