Pecohub The National Insurance Commission (NAICOM) has issued Nigeria’s first operational licence, a decision expected to accelerate digital transformation and expand technology-driven insurance penetration.
The licence was granted to CBI Partering Insurtech Limited, making it the first of its kind to be fully licensed in Nigeria under the commission’s evolving regulatory framework for innovation.
Speaking during the formal handover ceremony in Abuja, Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the development reflects NAICOM’s commitment to fostering innovation within a structured and consumer-focused insurance ecosystem.
He said the commission has continued to align Nigeria’s insurance industry with global best practices through regulatory reforms, including the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the introduction of an insurtech guideline aimed at supporting technology-driven insurance operatives.
According to him, encouraging innovation within a well-governed regulatory environment remains a major strategic priority for the commission.
Gam-Ikon stated that the operational licence was granted subject to strict compliance with regulatory and ethical standards, stressing that NAICOM remains committed to balancing innovation with policyholders’ protection.
“This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partering Insurtech and expect full compliance with all applicable regulations,” he said.
He added that the licence comes with the responsibility to uphold high standards of corporate governance, transparency and ethical conduct within the industry.
The Deputy Commissioner also pointed to growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to drive insurance sector development and improve market penetration.
Responding to the development, Managing Director of CBI Partering Insurtech Limited, Suleiman Olalekan Ajani, described the approval as a significant milestone for the company and the broader insurtech ecosystem.
