BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Monday granted an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed insurtech company in Nigeria.
The approval marks a major milestone in the ongoing digital transformation of Nigeria’s insurance industry and reflects NAICOM’s growing support for technology-driven insurance solutions aimed at improving accessibility, efficiency and financial inclusion across the country.
The team of NAICOM and representatives of CBI Partnering Insurtech Limited after the presentation of operational license.
Insurtech companies use digital technology to simplify insurance processes such as policy purchase, claims management, customer service and risk assessment. The emergence of licensed insurtech operators is expected to deepen insurance penetration in Nigeria, where a large percentage of the population remains uninsured.
NAICOM said the licensing aligns with its regulatory reform agenda under the Nigeria Insurance Industry Reform Act (NIIRA) 2025 framework, which seeks to modernise the sector, encourage innovation and strengthen consumer protection.
According to the Commission, the approval of CBI Partnering Insurtech Ltd demonstrates its readiness to embrace emerging technologies while maintaining strict regulatory oversight within the industry.
NAICOM also stressed that innovation in the insurance sector must operate within established legal and ethical standards to safeguard policyholders and ensure market stability.
Industry stakeholders believe the development could open the door for more technology-based insurance companies to enter the Nigerian market, potentially driving competition, expanding insurance access and improving service delivery nationwide.
