NAICOM leverages innovation to expand insurance access for underserved Nigerians

The National Insurance Commission (NAICOM) has introduced a new industry-wide innovation drive aimed at widening insurance access and strengthening financial resilience for millions of underserved Nigerians.

At an event held over the weekend, the commission, in collaboration with major development partners, formally announced the Inclusive Insurance Innovation Challenges (IIIC) Nigeria 2025, a programme designed to accelerate the creation of technology-driven, affordable and scalable solutions for low-income and vulnerable groups.

Speaking at the unveiling, NAICOM’s Head of Innovation, Kenneth Aroh, said the initiative underscores the commission’s renewed push to reposition the sector as a key driver of national development.
He explained that the challenge would provide participating innovators with structured mentorship, regulatory guidance and hands-on coaching to ensure that new products meet industry standards while addressing real protection gaps.

Aroh acknowledged the support of institutions backing the 2025 edition of Financial Sector Deepening Africa (FSDA).

According to him, planning has begun for the 2026 cycle, Inclusive Insurance Innovation Challenge Nigeria 2.0, which is expected to attract wider participation from insurers, InsurTech firms, donors and public institutions as the initiative scales.

The programme is expected to fast-track the development of micro insurance and other inclusive products, reduce barriers to market entry for innovators and strengthen risk-protection mechanisms for communities historically excluded from formal insurance.
According to NAICOM, the challenge represents an important step toward building a more equitable and resilient insurance landscape, one capable of supporting national financial inclusion goals and ensuring that “no Nigerian is left behind in access to insurance protection”.

Commenting on the development, a policyholder, Sunday Ogunmola, said the innovation drive launched by NAICOM places strong emphasis on improving protection for underserved and low-income Nigerians.