The National Insurance Commission(NAICOM) has granted an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech firm in the country under Nigeria’s emerging digital insurance regulatory framework.
The licence was formally presented during a handover ceremony on Tuesday, with the regulator describing the development as a key step in modernising the insurance industry while strengthening consumer protection.
NAICOM said the approval reflects its commitment to encouraging innovation within a structured system anchored on compliance, governance and market stability.
The development also aligns with ongoing reforms, including the Nigerian Insurance Industry Reform Act 2025 and newly introduced guidelines aimed at regulating insurtech operations across the sector.
Speaking at the ceremony, the Deputy Commissioner for Insurance (Finance and Administration), Mr Ekerete Ola Gam-Ikon, said the commission is deliberately working to align Nigeria’s insurance market with global best practices.
He stressed that while innovation remains central to the sector’s growth strategy, it must operate within clear regulatory boundaries that protect policyholders.
“This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain,” he said. “This licence carries an obligation to uphold the highest standards of governance and ethical conduct.”
He added that Nigeria’s approach to regulating insurance technology is increasingly attracting global attention due to its balance between innovation and consumer safeguards.
NAICOM noted that the licensing of CBI Partnering Insurtech Ltd demonstrates its readiness to support digital business models capable of expanding insurance access and improving service delivery across the country.
Industry observers say insurtech platforms are becoming crucial to boosting insurance penetration in Nigeria through digital distribution, data-driven pricing and strategic partnerships.
Reacting to the approval, Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, described the licence as a vote of confidence in the company’s model and regulatory compliance.
He said the firm would use the opportunity to expand partnerships and deliver technology-driven insurance solutions focused on transparency, trust and customer protection.
“We are honoured to receive this licence from NAICOM,” he said. “The commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions.”
The approval marks another step in NAICOM’s broader effort to integrate financial technology into Nigeria’s insurance ecosystem while maintaining strict oversight on governance and consumer protection.
