NAICOM Strengthens Regional Collaboration with the Ghana Insurance Commission

Ebere Nwoji

The National Insurance Commission (NAICOM) has shown its commitment to using digital innovation to increase insurance penetration and broaden Nigerians' access to insurance by granting a Partnering Insurtech licence to a new insurtech firm, NETAPPS.

The commission also took a significant step toward strengthening regional collaboration within the African insurance sector.

During the event, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin outlined NAICOM's strategic priorities, which include consumer protection, enhanced regulatory capacity, financial soundness, innovation and sustainability, and wider access to insurance services. He emphasized that insurtech firms play a crucial role in the Commission's innovation and access agenda.

Mr. Omosehin noted that adopting technology-driven solutions and alternative distribution channels is essential to addressing Nigeria's persistently low insurance penetration rate. He highlighted the potential of digital platforms to reach underserved populations, especially young people who primarily engage through mobile devices, and to make insurance more accessible, affordable, and inclusive.

He also reaffirmed NAICOM's readiness to collaborate with licensed innovators such as NETAPPS while maintaining robust regulatory oversight to protect consumers and preserve financial system stability.

At the ceremony, Mr. Omosehin formally presented the licence to NETAPPS, recognising the company as an authorised innovator within Nigeria's insurance distribution ecosystem.

He stated that, as a licensed Partnering Insurtech, NETAPPS is expected to use its digital capabilities to expand insurance access, foster collaboration with licensed insurers and intermediaries, and operate transparently in full compliance with regulatory requirements.

In a related development, Mr. Omosehin received the Commissioner for Insurance of Ghana, Dr. Abiba Zakariah, who was on a working visit to his office, marking a significant step toward deepening regional collaboration within the African insurance sector.

The engagement focused on advancing cross‑border cooperation in insurance innovation and reinforcing the industry's role in driving sustainable regional economic growth.

In his welcome address, Mr. Omosehin underscored the critical role of insurance in economic development. He emphasized that meaningful poverty reduction across Africa remains unattainable without significantly increasing insurance penetration, which is essential for risk management, financial resilience, and inclusive growth.

Responding, Dr. Zakariah expressed appreciation for the warm reception and reaffirmed Ghana's commitment to strengthening partnerships within the region. She noted that prioritizing collaboration among African insurance regulators is key to unlocking innovation, expanding market access, and enhancing financial inclusion across the continent.

The visit highlighted both nations' shared resolve to leverage regulatory cooperation and InsurTech advancements to build a more resilient and integrated African insurance landscape.