The National Insurance Commission, NAICOM, has issued Nigeria’s first operational licence to a partnering insurtech company, signaling a major push to modernize the insurance industry through technology-driven reforms.
The licence was presented to CBI Partnering Insurtech Limited during a formal ceremony in Abuja, as the Commission reaffirmed its commitment to innovation, market integrity, and consumer protection.
Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said the move reflects NAICOM’s determination to align Nigeria’s insurance sector with global standards.
L-R: MR SULEIMAN OLALEKAN AJANI (MD/CEO) CBI INSURTECH AND MR EKERETE OLA GAM-IKON (DEPUTY COMMISSIONER FINANCE AND ADMINISTRATION NATIONAL INSURANCE COMMISSION)
He pointed to the newly enacted Nigerian Insurance Industry Reform Act, NIIRA 2025, and NAICOM’s insurtech guidelines as key drivers of the sector’s transformation.
Gam-Ikon stressed that while the Commission is opening the industry to innovation, operators must comply strictly with regulatory and ethical standards aimed at protecting policyholders.
He added that Nigeria’s regulatory model is gaining international attention for its use of technology to expand insurance penetration and strengthen public confidence in the sector.
Receiving the licence, Managing Director of CBI Partnering Insurtech Limited, Suleiman Olalekan Ajani, described the approval as a landmark achievement and pledged to deploy technology-driven insurance solutions focused on transparency, consumer trust, and protection.
