NAICOM grants operating licence to CBI Partnering Insurtech for innovation

The National Insurance Commission (NAICOM) 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 licence was presented during a formal handover ceremony, where the Commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.

In his remarks, Ekerete Ola Gam-Ikon, deputy commissioner for Insurance, Finance and Administration, highlighted NAICOM’s ongoing efforts to align Nigeria’s insurance industry with global best practices. He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.

He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the Commission.

Ekerete further emphasised that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests. He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.

While formally presenting the licence, he stated: “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.”

In response, Suleiman Olalekan Ajani, managing director of CBI, expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:

“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”