The National Insurance Commission has launched a new sector-wide innovation initiative aimed at improving insurance access for underserved Nigerians and strengthening financial resilience across low-income communities. The Inclusive Insurance Innovation Challenges Nigeria 2025 was unveiled over the weekend in collaboration with key development partners, marking NAICOM’s latest move to accelerate technology-driven solutions in the industry.
Speaking at the launch, NAICOM’s Head of Innovation, Kenneth Aroh, said the programme reflects the commission’s renewed commitment to reposition the insurance sector as a major driver of national development. He explained that the challenge will support participating innovators with mentorship, regulatory guidance and practical coaching to help them build affordable, scalable products that meet industry standards while addressing the real protection gaps faced by vulnerable groups.
Aroh noted that preparations are already underway for the 2026 cycle called Inclusive Insurance Innovation Challenge Nigeria 2.0, which is expected to attract a larger pool of participants including insurers, InsurTech companies, donors and public institutions as the initiative expands.
The programme seeks to boost the growth of microinsurance and other inclusive products by reducing entry barriers for innovators and strengthening risk-protection structures for communities traditionally excluded from formal insurance. NAICOM described the challenge as a significant step toward building a more equitable insurance landscape that supports national financial inclusion goals and ensures wider access to protection.
Reacting to the initiative, a policyholder, Sunday Ogunmola, said the innovation effort underscores NAICOM’s focus on improving coverage for underserved and low-income Nigerians who often remain outside the reach of traditional insurance services.
