The National Insurance Commission has granted an operational license to CBI Partnering Insurtech Ltd., making it the first fully licensed partnering insurtech company under Nigeria’s evolving insurance regulatory framework.
The development marks a major step in NAICOM’s push to modernize the insurance industry through digital innovation, regulatory reforms, and broader consumer protection measures across the sector.
In a statement issued on Tuesday, the commission said the license was formally presented to the company during a handover ceremony attended by senior regulatory officials and industry stakeholders.
NAICOM said the approval aligns with ongoing reforms under the Nigerian Insurance Industry Reform Act 2025 and the commission’s recently introduced guidelines for insurtech operators aimed at deepening technology adoption in the insurance ecosystem.
“The National Insurance Commission has formally granted an operational license to CBI Partnering Insurtech Ltd., marking a significant milestone as the first fully licensed Partnering Insurtech company in Nigeria,” the statement said.
The commission described the licensing as part of broader efforts to create a structured and consumer-focused insurance environment capable of supporting digital transformation while maintaining regulatory oversight.
Speaking during the license presentation, Deputy Commissioner for Insurance, Finance, and Administration, Mr. Ekerete Ola Gam-Ikon, said NAICOM was deliberately repositioning Nigeria’s insurance market to align with global industry standards.
According to him, the commission’s regulatory framework seeks to encourage innovation while ensuring operators comply with governance, ethical, and consumer protection requirements.
“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain,” Ola Gam-Ikon said.
“This license carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”
The commission noted that technology-driven insurance models are increasingly being recognized globally as critical tools for improving financial inclusion, customer experience, and insurance penetration.
Industry analysts have repeatedly identified low insurance penetration as one of the major challenges confronting Nigeria’s insurance sector despite the country’s large population and growing digital economy.
NAICOM said the licensing of CBI Partnering Insurtech Ltd demonstrates the regulator’s readiness to support innovative business models capable of expanding access to insurance products through digital channels while remaining subject to strict compliance standards.
Responding to the approval, the Managing Director of CBI Partnering Insurtech Ltd., Suleiman Olalekan Ajani, commended the commission for what he described as a rigorous but transparent licensing process.
Ajani said the company intends to leverage digital partnerships and technology-driven solutions to improve insurance accessibility and customer trust in Nigeria.
“We are honored to receive this license from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritize consumer trust, transparency, and protection,” he said.
The licensing is expected to strengthen ongoing efforts to integrate financial technology into Nigeria’s insurance sector as regulators intensify reforms aimed at improving market penetration and attracting younger digital consumers.
