The National Insurance Commission has issued an operational licence to CBI Partnering Insurtech Ltd, making it the first fully licensed partnering insurtech firm under Nigeria’s emerging insurance technology regulatory framework.
NAICOM stated that the approval demonstrates its commitment to encouraging innovation in the insurance industry while ensuring market stability and protecting policyholders.
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In a statement released on Tuesday, the commission disclosed that the licence was officially presented to the company during a formal handover ceremony, where NAICOM reiterated its focus on innovation, regulatory advancement, and consumer protection within the sector.
According to the commission, the approval aligns with ongoing efforts to modernise Nigeria’s insurance industry through the implementation of the Nigerian Insurance Industry Reform Act 2025 and the introduction of dedicated regulatory guidelines for insurtech operators.
“The National Insurance Commission has officially granted an operational licence to CBI Partnering Insurtech Ltd, representing a major milestone as the first fully licensed partnering insurtech company in Nigeria.
“This achievement highlights NAICOM’s leadership role in promoting innovation within a well-regulated and consumer-focused insurance environment,” the statement noted.
Speaking during the presentation ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the commission was intentionally positioning Nigeria’s insurance sector to align with international best practices.
He referenced the enactment of the Nigerian Insurance Industry Reform Act 2025, alongside the commission’s insurtech guidelines, as important measures introduced to transform the industry and support digital growth.
According to him, promoting innovation within a robust regulatory structure remains a core objective of the commission.
Ola Gam-Ikon stressed that the licence was granted subject to strict compliance with all regulatory and ethical obligations, adding that technological innovation must go hand in hand with adequate consumer protection measures.
He further noted that Nigeria’s regulatory model for insurance technology was gaining increasing international attention, especially for its use of digital platforms to improve insurance penetration and stimulate industry expansion.
Presenting the licence to the company, he stated: “This milestone demonstrates the commission’s commitment to responsibly supporting innovation throughout the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full adherence to all applicable regulations.
“This licence comes with the responsibility to maintain the highest standards of governance and ethical conduct. NAICOM remains dedicated to supporting insurtech growth while safeguarding the interests of Nigerians.”
The commission explained that licensing CBI Partnering Insurtech Ltd reflects its readiness to encourage technology-driven insurance models capable of widening access to insurance services while maintaining compliance with regulatory standards.
Industry experts have consistently identified technology as a major driver of insurance inclusion, operational efficiency, and improved customer experience, with insurtech companies increasingly leveraging digital platforms, partnerships, and data analytics to broaden insurance accessibility.
Responding to the approval, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, praised NAICOM for its regulatory guidance and thorough licensing process.
Ajani stated that the company intends to leverage the regulatory framework provided by the commission to strengthen partnerships and provide innovative insurance solutions focused on customer protection and trust.
“We are privileged to receive this licence from NAICOM. The commission’s strong regulatory framework gives us the platform to expand strategic collaborations and provide technology-driven insurance solutions that emphasise transparency, consumer confidence, and protection,” he said.
The development marks another major step in NAICOM’s efforts to integrate innovation into Nigeria’s insurance landscape while ensuring that technology-based operators maintain high standards of governance, compliance, and consumer protection.
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