The National Insurance Commission (NAICOM) has announced that it had granted a Partnering InsurTech licence to NETAPPS, a start-up, reinforcing the insurance regulator's commitment to leveraging digital innovation to deepen insurance penetration and expand access across Nigeria.
The approval of the licence recognises the company as an authorised innovator within Nigeria’s insurance distribution ecosystem.
Speaking at the presentation of the licence to NETAPPS in Abuja, the Commissioner for Insurance, Mr Olusegun 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.
Mr Omosehin 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.
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.
The NETAPPS licence was issued around a month after May 2026, when NAICOM formally granted a licence to CBI Partnering InsurTech, marking a significant milestone as the first fully licensed Partnering InsurTech company in Nigeria.