NAICOM Launches Innovation Challenge to Bridge Nigeria’s Insurance Gap
By Patience Ikpeme
The National Insurance Commission (NAICOM), in collaboration with key development partners, officially launched the Inclusive Insurance Innovation Challenge (IIIC) Nigeria 2025 on November 19.
The initiative is designed to significantly expand insurance access for the country’s underserved population.
The Challenge represents a pivotal move by the regulatory body to infuse creativity and technology into the nation’s insurance landscape.
Speaking at the launch event, Mr. Kenneth Aroh, NAICOM’s Head of Innovation, affirmed the Commission’s commitment to growing Nigeria’s insurance sector through innovation-driven interventions.
Mr. Aroh detailed the support structure available to innovators, stating, “Our programme provides structured mentorship, regulatory guidance, and strong advocacy to nurture impactful and inclusive insurance innovations.” The goal is to cultivate new models that can effectively offer risk protection to all Nigerians, particularly those who have been traditionally excluded from the formal insurance system.
The 2025 initiative is a partnership among several influential organizations. Financial Sector Deepening Africa (FSDA) is the primary sponsor, while the United Nations Development Programme (UNDP) serves as the host.
The Challenge also receives crucial backing from the National Health Insurance Authority (NHIA), demonstrating a cross-sectoral approach to financial inclusion and health protection.
Looking beyond the inaugural event, NAICOM disclosed that planning is already underway for the next iteration: IIIC Nigeria 2.0 in 2026. The Commission extended a request for broader engagement from the entire sector, inviting public agencies, insurers, InsurTech firms, donor organizations, and private stakeholders to participate in the upcoming challenge.
The continuing objective is to foster an inclusive insurance environment that ensures every Nigerian has access to effective financial security and risk protection.
