NAICOM Licenses Nigeria's First Insurtech Company

The National Insurance Commission (NAICOM) has officially granted an operational license to CBI Partner Insurtech Ltd, making it the first fully licensed insurtech company in Nigeria. This milestone was announced during a handover ceremony, where NAICOM reaffirmed its commitment to regulatory innovation and consumer protection within the insurance industry.

The approval comes as part of efforts to modernize the sector in line with the Nigerian Insurance Industry Reform Act 2025, which introduces specialized guidelines for insurtech firms. Deputy Commissioner for Insurance Finance Administration, Ekeret Ola Gam Ikon, emphasized that the licensing process adheres to strict regulatory compliance and ethical requirements.

Suleiman Olalekan Ajani, Managing Director of CBI Partner Insurtech Ltd, commended NAICOM for its regulatory guidance and expressed the company's readiness to support technology-driven business models that expand access to insurance products while ensuring compliance with industry standards.