Ebere Nwoji
The National Insurance Commission (NAICOM), has demonstrated its commitment to leveraging digital innovation to deepen insurance penetration and expand Nigerians’ access to insurance through granting of a Partnering Insurtech licence to a new insurtech firm, NETAPPS.
The commission also made a significant step towards deepening regional collaboration within the African insurance sector.
Speaking at the event, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin highlighted NAICOM’s strategic priorities which include consumer protection, strengthened regulatory capacity, financial soundness, innovation and sustainability, and broader access to insurance services. He emphasised that insurtech firms play a critical role within the Commission’s innovation and access agenda.
He noted that adopting technology-driven solutions and alternative distribution channels was essential to addressing Nigeria’s persistently low insurance penetration rate. He underscored the potential of digital platforms to reach underserved populations particularly young people who primarily engage through mobile devices and to make insurance more accessible, affordable, and inclusive.
He further reaffirmed NAICOM’s readiness to collaborate with licensed innovators such as NETAPPS, while maintaining robust regulatory oversight to safeguard consumers and preserve financial system stability.
During the ceremony, Omosehin formally presented the licence to NETAPPS, recognising the company as an authorised innovator within Nigeria’s insurance distribution ecosystem.
He said as a licensed Partnering Insurtech, NETAPPS was expected to leverage its digital capabilities to expand insurance access, foster collaboration with licensed insurers and intermediaries, and operate with transparency in full compliance with regulatory requirements.
In a related development, Omosehin received the Commissioner for Insurance of Ghana, Dr. Abiba Zakariah who was on a working visit to his office , marking a significant step toward deepening regional collaboration within the African insurance sector.
The engagement focused on advancing cross-border cooperation in insurance innovation and reinforcing the role of the industry in driving sustainable regional economic growth.
In his welcome address, Nigeria’s Commissioner for Insurance, Omosehin, underscored the critical role of insurance in economic development. He emphasised that meaningful poverty reduction across Africa remained unattainable without significantly increasing insurance penetration, which is essential for risk management, financial resilience, and inclusive growth.
Responding, Zakariah expressed appreciation for the warm reception and reaffirmed Ghana’s commitment to strengthening partnerships within the region. She noted that prioritising collaboration among African insurance regulators was key to unlocking innovation, expanding market access, and enhancing financial inclusion across the continent.
The visit highlighted both nations’ shared resolve to leverage regulatory cooperation and InsurTech advancements to build a more resilient and integrated African insurance landscape.