MAIDS Micro-Insurance Launches Blockchain Model in Nigeria

MAIDS Micro-Insurance unveiled a blockchain hybrid mutual insurance model designed to enhance transparency within Nigeria's financial sector. The launch occurred at the company's headquarters in Lagos and is a pivotal moment following the enactment of the Nigerian Insurance Industry Reform Act 2025.

Geraldine Umech, the division managing director of MAIDS, emphasized that the industry is at a transformative crossroads, particularly with the new regulations set to redefine insurance practices. The blockchain model aims to eliminate the opacity traditionally associated with insurance, fostering a new era of consumer confidence.

It specifically targets low-income earners by introducing affordable, bite-sized insurance products. This model allows everyday Nigerians to purchase coverage for health emergencies, accidents, and sudden business losses.

The initiative is supported by various technical partners during its pilot phase, and the 2025 reform act mandates significant changes, including increased capitalization requirements for insurance firms.