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Article

Nigeria's first Insurtech licence issued as NAICOM pushes digital insurance to reach 200 million people

Nairametrics Jun 5, 2026
Read the original Article page

TL;DR

The National Insurance Commission (NAICOM) has issued Nigeria's first Partnering Insurtech licence to CBI Partnering Insurtech Limited, a subsidiary of Baywood Group, under a newly revised regulatory framework for technology-driven insurance services.

CBI will operate as a digital insurance marketplace, not an underwriter, allowing users to compare, purchase, manage, and initiate claims via web, mobile, and USSD channels, using APIs, AI-powered tools, and cloud infrastructure to connect customers with licensed insurers, brokers, and HMOs.

Nigeria remains one of Africa's least insured markets; low penetration is driven by accessibility barriers, product complexity, and distrust over claims settlement. CBI's founder says the insurtech model mirrors how fintech transformed banking inclusion, with a target to bring over 200 million Nigerians into the insurance ecosystem by 2030.

The platform will prioritise micro-insurance products for retail and underserved customers, including rural communities and Nigerians in the diaspora seeking coverage for assets inside Nigeria.

Licensed Partnering Insurtech operators cannot underwrite risks or settle claims directly; their role is strictly as technology enablers and marketplaces connecting customers to licensed insurance providers.

Intelligence

NAICOM's decision to create and immediately activate a formal Insurtech licensing category signals that Nigeria's insurance regulator is moving from passive observation to active market-shaping, a shift that mirrors the CBN's earlier moves that unlocked the fintech boom.

For Nigerian fintech companies, software developers, and HMOs, this opens a concrete partnership lane: CBI has explicitly stated it will collaborate with fintechs and developers to build out the ecosystem, meaning distribution and API integration deals are likely to emerge within the next 12 to 18 months.

Micro-insurance products distributed via USSD are the most immediately viable opportunity for reaching the estimated tens of millions of Nigerians without smartphone access, and any startup or financial institution already operating agent banking or mobile money networks should be evaluating insurance distribution as a new revenue line.

The 2030 target of 200 million insured Nigerians is ambitious and will depend heavily on whether claims processing is successful. The trust bottleneck that the founder himself identified actually improves at scale under the marketplace model.

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