NAICOM Licenses Nigeria's First Insurtech Firm

The National Insurance Commission (NAICOM) has granted an operational license to CBI Partner Insurtech Ltd, marking it as the first fully licensed insurtech company in Nigeria. This licensing is part of NAICOM's efforts to modernize the insurance sector in line with the Nigerian Insurance Industry Reform Act 2025.

During the handover ceremony, Deputy Commissioner for Insurance Finance Administration, Ekeret Ola Gam Ikon, emphasized the importance of aligning Nigeria's insurance market with global standards. The approval aims to encourage innovation while maintaining a strong regulatory framework to protect consumers.

Suleiman Olalekan Ajani, Managing Director of CBI Partner Insurtech Ltd, expressed gratitude for NAICOM's regulatory guidance throughout the licensing process. The company is expected to leverage technology-driven business models to expand access to insurance products while adhering to regulatory standards.

NAICOM remains committed to supporting the growth of insurtech and ensuring compliance with consumer protection standards.