The National Insurance Commission has granted an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech company in Nigeria.
The commission said the move reflects its commitment to promoting innovation while maintaining market integrity and protecting policyholders within the insurance sector.
In a statement issued on Tuesday, National Insurance Commission said the licence was formally presented to the company during a handover ceremony where the commission reaffirmed its dedication to innovation, regulatory reforms, and consumer protection.
NAICOM explained that the approval aligns with ongoing efforts to modernise the insurance industry through the implementation of the Nigerian Insurance Industry Reform Act 2025 and newly introduced guidelines for insurance technology firms.
“The National Insurance Commission has formally granted an operational licence to CBI Partnering Insurtech Ltd, marking a significant milestone as the first fully licensed Partnering Insurtech company in Nigeria,” the statement read.
According to the commission, the development highlights NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.
Speaking during the ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the commission was taking deliberate steps to align Nigeria’s insurance market with global standards.
He noted that the recently enacted Nigerian Insurance Industry Reform Act 2025 and the commission’s insurtech guidelines are key measures designed to drive transformation across the industry.
Ola Gam-Ikon stated that encouraging innovation within a strong regulatory framework remains one of the commission’s strategic priorities.
He stressed that the operational licence was issued subject to strict compliance with regulatory and ethical requirements, adding that innovation must go hand in hand with adequate consumer protection.
The deputy commissioner further noted that Nigeria’s regulatory approach to insurance technology is attracting international recognition, especially in the use of digital solutions to improve insurance penetration and sector growth.
Presenting the licence, Ola Gam-Ikon said the milestone demonstrates NAICOM’s commitment to responsibly nurturing innovation across the insurance value chain.
“This licence 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,” he said.
The commission explained that licensing CBI Partnering Insurtech Ltd reflects its readiness to support technology-driven business models capable of expanding access to insurance products while ensuring compliance with regulatory standards.
Industry stakeholders have continued to identify technology as a major driver of insurance inclusion, operational efficiency, and improved customer experience.
Insurtech firms are increasingly leveraging digital platforms, data analytics, and strategic partnerships to broaden access to insurance services across Nigeria.
Responding to the approval, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for its regulatory guidance and rigorous licensing process.
Ajani said the company would leverage the commission’s regulatory framework to deepen partnerships and deliver innovative insurance solutions focused on customer protection.
“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection,” he said.
The licensing marks another significant step in NAICOM’s efforts to integrate innovation into Nigeria’s insurance ecosystem while ensuring emerging technology-based operators remain subject to appropriate governance, compliance, and consumer protection standards.
