The National Insurance Commission (NAICOM) has begun working with the FinTech Association of Nigeria to drive digital transformation in the country’s insurance industry.
At a meeting in Abuja, Commissioner for Insurance, Olusegun Omosehin, and Africa FinTech Network President, Segun Aina, outlined a shared vision to modernise the sector through technology, collaboration, and strategic partnerships.
The FinTech Association pledged its support for NAICOM’s digitalisation agenda, while the Commission reaffirmed its commitment to rebuilding public trust with transparent, technology-driven solutions that protect policyholders’ interests.
Omosehin stressed the need for faster digital adoption across the insurance value chain, noting that sustained engagement with fintech players would be critical to achieving the regulator’s transformation goals.
Meanwhile, NAICOM has rolled out new guidelines for insurtech operations, effective August 1, 2025. The rules prohibit insurtechs from engaging in sensitive lines of business such as oil and gas, marine, aviation, retirement annuities, or the insurance of government assets and liabilities.
Other restrictions include:
- Launching products or using dynamic pricing without actuarial support or regulatory approval.
- Relying entirely on artificial intelligence to reject claims without human oversight.
- Accepting premiums or settling claims in cryptocurrency without prior authorisation.
- Sharing personal data without explicit consent, in violation of Nigeria’s data protection laws.
- Using manipulative platform designs (“dark patterns”) to mislead consumers.
- Offering cross-border digital insurance without prior clearance.
The guidelines also ban insurtechs from physically marketing products, a practice reserved for traditional insurance operators.
NAICOM said the reforms are part of efforts to balance innovation with consumer protection, while creating a more secure and competitive digital insurance ecosystem.
