The National Insurance Commission (NAICOM) has reinforced its commitment to using digital innovation to boost insurance uptake in Nigeria by issuing a Partnering Insurtech licence to NETAPPS. Commissioner for Insurance Olusegun Ayo Omosehin said NAICOM’s priorities include consumer protection, stronger regulatory capacity, financial soundness, innovation and sustainability, and wider insurance access. He stressed that insurtechs are central to the commission’s strategy, noting that technology and alternative distribution channels can help address Nigeria’s low insurance penetration by reaching underserved groups, especially mobile-first young people, and making cover more affordable and inclusive.
Omosehin also pledged NAICOM’s readiness to work with licensed innovators like NETAPPS while maintaining strict regulatory oversight to protect consumers and preserve financial stability. At the license presentation, he described NETAPPS as an authorized innovator expected to use its digital tools to expand access, collaborate with insurers and intermediaries, and comply fully with regulations.
In a related move to strengthen regional ties, Omosehin hosted Ghana’s Commissioner for Insurance, Dr. Abiba Zakariah, for a working visit aimed at boosting cross-border cooperation in insurance innovation. Both officials highlighted the role of insurance in economic development and agreed that higher insurance penetration is vital for poverty reduction, risk management, and inclusive growth across Africa. Zakariah thanked Omosehin for hosting her and further reaffirmed Ghana’s commitment to regional regulatory collaboration to unlock innovation, expand market access, and deepen financial inclusion.
