A new entrant, Mutual Aid Specialist Micro-Insurance Company Limited (MAIDS), has launched operations in Nigeria with an innovative model that allows policyholders to become part-owners of the company.
At its Lagos unveiling, founder Adetola Adegbayi said the initiative aims to close Nigeria’s wide insurance gap, with sector contribution to GDP still around 0.4 percent despite recent reforms.
MAIDS’ model revives mutual insurance in a modern, secular format, enabling customers to transition from policyholders to stakeholders. Premiums are converted into digital tokens that may translate into shares, offering potential dividends, voting rights, and long-term value.
The company is also deploying blockchain technology through its Blockchain Hybrid Mutual Insurance (BLOHMI) system—approved by the National Insurance Commission—to ensure transparency via secure, traceable smart contracts.
Targeting low- and middle-income earners, MAIDS is introducing simplified “bite-size” insurance products, designed for quick access to financial support during emergencies.
Divisional Managing Director Geraldine Umeche said the company will prioritise speed and trust, with claims processed within 48 hours and payouts completed within 72 hours.
By combining mutual ownership with digital innovation, MAIDS is positioning itself to redefine insurance as both a protection tool and a pathway to wealth creation, while expanding access across underserved communities.
