Nigeria’s insurance regulator has taken a landmark step in reshaping the country’s insurance landscape, formally granting an operational licence to CBI Partnering Insurtech Ltd — the first fully licensed Partnering Insurtech company in Nigeria.

The National Insurance Commission (NAICOM) presented the licence during a formal handover ceremony, using the occasion to reaffirm its broader mission of advancing innovation, regulatory reform, and policyholder protection across the sector.

Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, who presided over the ceremony, said the milestone is part of a deliberate and structured effort to bring Nigeria’s insurance industry in line with global best practices.

He pointed to the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the Commission’s pioneering insurtech guidelines as cornerstones of this transformation — frameworks designed to open the door to technology-driven insurance models without compromising consumer safeguards.

“Fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the Commission,” Mr. Ekerete said, adding that Nigeria’s regulatory approach is gaining growing international recognition, particularly for its use of technology to accelerate sector development.

He was unambiguous, however, that the licence comes with obligations. “This licence carries an obligation to uphold the highest standards of governance and ethical conduct,” he stated. “NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”

The ceremony underscored NAICOM’s dual mandate — enabling innovation while maintaining strict regulatory and ethical standards — a balance the Commission says is non-negotiable as new business models enter the insurance space.

For CBI Partnering Insurtech Ltd, the licensing marks the beginning of what its leadership describes as a mission to deliver technology-driven insurance solutions at scale. Managing Director Suleiman Olalekan Ajani expressed gratitude for what he called a rigorous but constructive licensing process.

“We are honoured to receive this licence from NAICOM,” Mr. Ajani said. “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.”

The development signals an accelerating shift in how insurance products may be designed, distributed, and consumed in Nigeria — with NAICOM positioning itself not merely as a watchdog, but as an active architect of the sector’s digital future.