NAICOM Backs Digital Innovation, Issues Partnering Insurtech Licence to NETAPPS

BY NKECHI NAECHE/ESEZOBOR-The National Insurance Commission (NAICOM) has granted a Partnering Insurtech licence to NETAPPS, reaffirming its commitment to leveraging digital innovation to deepen insurance penetration and expand access to insurance services across Nigeria.

The licence was presented at a formal ceremony by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who said the approval aligns with the Commission’s strategic priorities of consumer protection, stronger regulatory capacity, financial soundness, innovation, sustainability and increased insurance inclusion.

Omosehin noted that technology-driven solutions and alternative distribution channels are critical to addressing Nigeria’s low insurance penetration rate. He said digital platforms have the potential to reach underserved communities, particularly young people who primarily access services through mobile devices, making insurance products more accessible, affordable and inclusive.

According to the Commissioner, insurtech companies play a vital role in advancing NAICOM’s innovation and financial inclusion agenda, adding that the Commission remains committed to fostering collaboration with licensed innovators while maintaining robust regulatory oversight to protect consumers and ensure the stability of the insurance industry.

During the ceremony, Omosehin formally presented the Partnering Insurtech licence to NETAPPS, recognising the company as an authorised innovator within Nigeria’s insurance distribution ecosystem.

With the licence, NETAPPS is expected to deploy its digital capabilities to broaden access to insurance products, strengthen partnerships with licensed insurers and intermediaries, and operate in full compliance with the Commission’s regulatory framework.

NAICOM said the move reflects its continued efforts to modernise Nigeria’s insurance industry by encouraging innovation, promoting digital transformation and expanding insurance coverage to more Nigerians.