L-R: Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner, Finance and Administration, NAICOM; Mr. Edwin Okoro, MD/CEO, Netapps Technologies; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, National Insurance Commission NAICOM; and Dr. Usman Jankara, Deputy Commissioner, Technical, NAICOM
The National Insurance Commission (NAICOM) has taken another significant step toward transforming Nigeria’s insurance industry by officially granting a Partnering Insurtech Licence to NETAPPS, a move expected to accelerate digital innovation, broaden insurance inclusion, and deepen penetration across the country.
The licence was presented during a formal ceremony by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who reaffirmed the Commission’s commitment to creating a technology-driven insurance ecosystem capable of reaching millions of underserved Nigerians.
Speaking at the event, Omosehin said the approval aligns with NAICOM’s strategic agenda of strengthening consumer protection, enhancing regulatory capacity, promoting financial soundness, driving innovation and sustainability, and expanding access to insurance services nationwide.
According to him, technology has become indispensable in addressing Nigeria’s persistently low insurance penetration rate, stressing that digital platforms provide a faster, cheaper and more inclusive channel for delivering insurance products to individuals and businesses.
“The future of insurance lies in innovation. By embracing technology-driven solutions and alternative distribution channels, we can reach millions of Nigerians who have traditionally been excluded from insurance services, especially young people who conduct most of their financial transactions through mobile devices,” he said.
The Commissioner noted that licensed insurtech firms such as NETAPPS would play a pivotal role in reshaping the industry’s distribution landscape by introducing innovative products and seamless digital experiences while operating under a robust regulatory framework.
He also assured stakeholders that NAICOM remains committed to supporting innovation without compromising consumer protection or financial system stability.
As part of the ceremony, Omosehin formally presented the Partnering Insurtech Licence to NETAPPS, officially recognizing the company as an authorised innovator within Nigeria’s insurance distribution ecosystem.
With the licence, NETAPPS is expected to collaborate closely with licensed insurance companies and intermediaries to develop digital insurance solutions that are transparent, efficient and fully compliant with regulatory standards.
Industry observers believe the development will help bridge Nigeria’s insurance gap by leveraging mobile technology, digital payments, artificial intelligence and data analytics to simplify policy purchase, claims processing and customer engagement.
Reacting to the development in an interview with The Ameh News, economist Celestine Ukpong described the approval as a major milestone for Nigeria’s financial services sector.
He said embracing insurtech would improve financial inclusion, reduce operational costs and attract greater investment into the insurance industry.
“Digital innovation is changing every sector of the economy, and insurance cannot afford to be left behind. Licensing companies like NETAPPS demonstrates that Nigeria is positioning itself for a more inclusive and technology-driven insurance market capable of contributing meaningfully to economic growth,” Ukpong said.
Also speaking, public relations expert and Founder of Henryjanleens, Dr. Ejike Nduilo, said the licensing reflects NAICOM’s willingness to embrace innovation while strengthening public confidence in insurance.
According to him, technology alone is insufficient unless accompanied by effective communication and public education.
“Many Nigerians still misunderstand insurance because of inadequate awareness. Digital platforms offer an opportunity not only to distribute insurance products but also to educate citizens and rebuild trust in the industry. This licence sends a positive signal that the regulator is preparing the industry for the future,” he stated.
Financial analyst and Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Peter Adebayo, noted that the emergence of licensed insurtech firms would encourage greater efficiency, transparency and competition within the insurance market.
He explained that partnerships between traditional insurers and technology companies would help reduce costs, improve underwriting accuracy and expand insurance services to rural communities and small businesses.
“The Nigerian insurance market has enormous untapped potential. Regulatory support for innovation will help unlock that potential by making insurance simpler, faster and more affordable for millions of Nigerians,” Adebayo said.
The licensing of NETAPPS further reinforces NAICOM’s commitment to building a modern insurance industry that leverages innovation to enhance service delivery, promote financial inclusion and contribute to Nigeria’s broader economic development agenda.
As Nigeria’s digital economy continues to expand, industry stakeholders expect more technology-driven collaborations that will reshape insurance distribution, strengthen consumer confidence and increase the sector’s contribution to national GDP.
NAICOM has granted a Partnering Insurtech Licence to NETAPPS, marking a major step toward expanding insurance access through digital innovation. Experts say the move will boost financial inclusion, strengthen consumer confidence and modernise Nigeria’s insurance industry.
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