Nigeria’s insurance sector may be set for a digital overhaul after the National Insurance Commission (NAICOM) and the Fintech Association of Nigeria (FintechNGR) announced plans to collaborate on using technology to drive adoption.
Insurance penetration in Nigeria currently stands at between 1% and 3%, among the lowest in Africa. At a meeting with regulators, FintechNGR leaders argued that innovation can transform product design, distribution, and uptake.
NAICOM Commissioner Olusegun Omosehin admitted that supervisory technology gaps have hampered oversight but pledged to work with fintech players to map the ecosystem and deploy digital solutions.
The push aligns with the newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025, which introduces stricter capital requirements, compulsory insurance enforcement, and digitization mandates to modernize the sector.
