Maha Christopher
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 under the country’s evolving insurance regulatory framework.
According to The Punch, NAICOM said the development reflects its commitment to promoting innovation while protecting policyholders and maintaining market integrity.
In a statement issued on Tuesday, the commission said the licence was formally presented to the company during a handover ceremony where it reaffirmed its dedication to innovation, regulatory reforms, and consumer protection in the insurance sector.
NAICOM explained that the approval followed ongoing efforts to modernise the insurance industry through the implementation of the Nigerian Insurance Industry Reform Act 2025 and specialised 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.
Speaking during the ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, said the commission was taking deliberate steps to align Nigeria’s insurance industry with global standards.
He stated that encouraging innovation within a strong regulatory framework remained one of the commission’s strategic priorities.
“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain,” Ola Gam-Ikon said.
He stressed that the licence came with strict compliance obligations, adding that innovation must be pursued alongside strong consumer protection measures.
The deputy commissioner also noted that Nigeria’s regulatory approach to insurtech was gaining international recognition, especially in the use of digital solutions to improve insurance penetration and industry growth.
Responding to the approval, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for its regulatory guidance and pledged to deliver technology driven insurance solutions focused on transparency and customer protection.
