Yemisi Izuora
The National Insurance Commission (NAICOM) has granted a Partnering Insurtech licence to NETAPPS at a formal ceremony, reinforcing the Commission’s commitment to leveraging digital innovation to deepen insurance penetration and expand access across Nigeria.
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 emphasized that insurtech firms play a critical role within the Commission’s innovation and access agenda.
The Commissioner noted that adopting technology-driven solutions and alternative distribution channels is 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, the CFI, formally presented the licence to NETAPPS, recognizing the company as an authorized innovator within Nigeria’s insurance distribution ecosystem.
As a licensed Partnering Insurtech, NETAPPS is 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.