NAICOM Issues Insurtech Licence To CBI

The National Insurance Commission (NAICOM) has issued an operational licence to CBI Partnering Insurtech Limited, making it the first fully licensed Partnering Insurtech company in Nigeria.

The licence was presented to the company at NAICOM head office in Abuja, where the commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.

In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, 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.

He stressed that: “This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Limited 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.”

Responding, the Managing Director of CBI, Suleiman Olalekan Ajani 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 prioritize consumer trust, transparency, and protection.”