NAICOM Issues License to Digital Insurance Firm

By Adebayo Obajemu

The National Insurance Commission has issued an operational license 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 commission, the development is in line with Nigeria’s evolving insurance regulatory framework and to promote innovation while maintaining market integrity and protecting policyholders.

In a statement issued on Tuesday, May 26, 2026, NAICOM said the license was formally presented to the company during a handover ceremony where the commission reaffirmed its dedication to innovation, regulatory reforms, and consumer protection within the insurance industry.

The commission noted that the approval comes amid efforts to modernize the sector through the implementation of the Nigerian Insurance Industry Reform Act 2025 and the introduction of specialized 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.

“This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem,” the statement read.

Speaking during the ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, said NAICOM was taking deliberate steps to align Nigeria’s insurance market with global standards.

According to the statement, Ola Gam-Ikon referenced the recent enactment of the Nigerian Insurance Industry Reform Act 2025, alongside the commission’s insurtech guidelines, as critical measures aimed at driving transformation within the industry.

He stated that encouraging innovation within a strong regulatory framework remains one of the commission’s strategic priorities.

The deputy commissioner stressed that the licence was issued subject to strict compliance with regulatory and ethical requirements, adding that innovation must be pursued alongside adequate consumer safeguards.

He further noted that Nigeria’s regulatory approach to insurance technology was attracting growing international recognition, particularly in the use of digital solutions to accelerate insurance penetration and sectoral growth.

Presenting the license to the company, Ola Gam-Ikon was quoted in the statement as saying: “This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations.

“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.”

The commission explained that the licensing of CBI Partnering Insurtech Ltd demonstrates its readiness to support technology-driven business models capable of expanding access to insurance products while ensuring adherence to regulatory standards.

Industry stakeholders have increasingly identified technology as a key driver of insurance inclusion, efficiency, and customer experience, with insurtech firms leveraging digital platforms, data analytics, and partnerships to broaden access to insurance services.

Speaking on the approval, the Managing Director of CBI Partnering Insurtech Ltd, Suleiman Olalekan Ajani, commended NAICOM for its regulatory guidance and the rigorous licensing process.

Ajani said the company would leverage the regulatory framework provided by the commission to deepen partnerships and deliver innovative insurance solutions focused on customer protection.

“We are honored to receive this license from NAICOM. The commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritize consumer trust, transparency, and protection,” he stated.