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The National Insurance Commission has issued an operational licence to CBI Partnering Insurtech Ltd, marking a major milestone as the first fully licensed Partnering Insurtech company in Nigeria.
The development represents a significant step in the evolution of Nigeria’s insurance sector, reflecting NAICOM’s broader efforts to foster innovation through a structured, technology-driven, and consumer-focused regulatory environment.
In a statement released to journalists, the Commission said the licence was formally presented during a handover ceremony, where it reaffirmed its commitment to advancing innovation, strengthening regulatory reforms, and enhancing policyholder protection across the insurance ecosystem.
Speaking during the event, Ekerete Ola Gam-Ikon highlighted the Commission’s ongoing drive to align Nigeria’s insurance industry with global best practices.
He pointed to the enactment of the Nigerian Insurance Industry Reform Act 2025 and the introduction of NAICOM’s insurtech guidelines as key pillars supporting the sector’s transformation.
According to him, enabling innovation within a strong regulatory and governance framework remains a strategic priority for the Commission.
Gam-Ikon stressed that the newly issued licence is subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of encouraging innovation while safeguarding consumer interests.
He also noted that Nigeria’s regulatory approach is gaining international recognition, particularly for its efforts to leverage technology to deepen insurance penetration and modernise the sector.
Presenting the licence, he stated: “This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct.”
Responding to the development, Suleiman Olalekan Ajani expressed appreciation to NAICOM for its regulatory guidance and rigorous licensing process.
Ajani said the licence provides a strong foundation for the company to scale strategic partnerships and deliver technology-enabled insurance solutions built around consumer trust, transparency, and policyholder protection.
The approval signals growing regulatory support for insurtech innovation in Nigeria, as technology continues to reshape insurance distribution, claims processing, customer engagement, and access to financial protection services.
Industry stakeholders view the move as a potential catalyst for broader digital transformation within the insurance sector, particularly in expanding financial inclusion and improving insurance accessibility through technology-driven models.
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