By Abiodun Folarin
WorldStage– The National Insurance Commission (NAICOM), on Friday officially granted a Partnering Insurtech licence to NETAPPS, marking a significant step in its drive to expand insurance accessibility through digital innovation and deepen insurance penetration across Nigeria.
Speaking at the event, 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 emphasized that insurtech firms play a critical role in advancing the Commission’s innovation and financial inclusion 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 Commissioner for Insurance formally presented the licence to NETAPPS, recognizing the company as an authorised 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 transparently in full compliance with regulatory requirements.
