NAICOM Grants Insurtech License to NETAPPS for Innovation

The National Insurance Commission (NAICOM) officially granted a partnering insurtech license to NETAPPS, reinforcing its commitment to leveraging digital innovation to deepen insurance penetration and expand access across Nigeria. Mr. Olusegun Ayo Omosehin, representing NAICOM, emphasized the commission's strategic priorities, which include consumer protection and strengthening regulatory capacity.

The commission recognizes the critical role of insurtech firms in its agenda to improve access to insurance services. NAICOM noted that adopting technology-driven solutions and alternative distribution channels is essential to address the country's persistently low insurance penetration rate.

The digital platform is expected to reach underserved populations, particularly young people who primarily engage with mobile devices. NAICOM reaffirmed its readiness to collaborate with licensed innovators like NETAPPS while maintaining robust regulatory oversight to safeguard consumers and preserve financial system stability.

The license presentation ceremony highlighted NETAPPS as a recognized company authorizing innovation within Nigeria's insurance distribution ecosystem.