The National Insurance Commission (NAICOM) has issued an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech company in Nigeria under the country’s evolving insurance regulatory structure.
The commission disclosed that the approval reflects ongoing efforts to encourage innovation within the insurance sector while maintaining consumer protection and market stability.
In a statement released on Tuesday, NAICOM said the licence was officially presented to the company during a formal handover ceremony, where the commission reiterated its commitment to regulatory reforms, digital transformation and policyholder protection in the industry.
According to the commission, the development comes amid broader efforts to modernise the insurance sector through the implementation of the Nigerian Insurance Industry Reform Act 2025 and the introduction of dedicated guidelines for insurance technology firms.
NAICOM described the approval as a major milestone for the industry, noting that it demonstrates the commission’s leadership in fostering innovation within a properly regulated and consumer-focused insurance ecosystem.
Speaking during the ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, stated that the commission was deliberately aligning Nigeria’s insurance market with global best practices.
He explained that the newly enacted reform law and the commission’s insurtech guidelines were key measures designed to drive transformation and expansion within the insurance industry.
Gam-Ikon stressed that innovation must be pursued responsibly and within strict regulatory and ethical standards to ensure that consumers remain protected.
He added that Nigeria’s approach to insurance technology regulation was attracting increasing international attention, especially in the deployment of digital solutions to improve insurance penetration and overall sector growth.
Presenting the licence to the company, the deputy commissioner congratulated CBI Partnering Insurtech Ltd and urged the firm to comply fully with all applicable regulations while maintaining high standards of corporate governance and ethical conduct.
NAICOM further stated that the licensing demonstrates its readiness to support technology-driven business models capable of widening access to insurance products and services while ensuring compliance with industry regulations.
Industry stakeholders have continued to identify technology as a major driver of insurance inclusion, efficiency and improved customer experience, with insurtech firms increasingly leveraging digital platforms, data analytics and strategic partnerships to expand service delivery.
Responding to the development, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for its guidance and the thorough licensing process.
Ajani stated that the company intends to utilise the regulatory framework provided by the commission to strengthen partnerships and deliver innovative insurance solutions focused on transparency, consumer trust and protection.
He added that the licence provides the company with the opportunity to scale technology-driven insurance services while contributing to the growth and modernisation of Nigeria’s insurance ecosystem.