The Commissioner for Insurance, Mr. Olusegun Omosehin, has met with the FinTech Association of Nigeria to discuss strategies for driving digital transformation in the Nigerian insurance sector.
According to a statement on Wednesday, the meeting highlighted a shared vision to revolutionise the insurance landscape through technological innovation, collaboration, and strategic partnerships.
“The FinTech Association, led by Segun Aina, Africa FinTech Network President, expressed its commitment to supporting NAICOM’s efforts to modernise and expand the insurance ecosystem.
“NAICOM, on its part, reaffirmed its dedication to rebuilding public trust through transparent digital solutions and protecting policyholders’ interests.
“The Commissioner emphasised the importance of digital adoption across the insurance industry and stressed his commitment to positioning the sector at the forefront of digital transformation. Both parties agreed on the need for continuous engagement and collaboration to achieve the Commission’s goals under the new administration,” read part of the statement.
NAICOM recently issued fresh guidelines for insurtech operations in Nigeria. The new guidelines, which go into effect on August 1, 2025, stipulate some non-permissible activities that insurtechs cannot participate in.
They include insurance businesses like “oil and gas insurance, marine and aviation insurance, retirement life annuity, and insurance of government assets and liabilities for ministries, departments, and agencies. Launching products or using dynamic pricing without actuarial support or prior approval from the Commission, and complete reliance on artificial intelligence systems to decline claims without human intervention.
“Crypto-based transactions: Acceptance of premiums or settlement of claims in cryptocurrency without prior approval of the Commission. Data privacy violations: Sharing of personal data without explicit consent, in breach of NDPR or related frameworks.
“Manipulative platform design (Dark Patterns): Interface design tactics that mislead users into purchasing or renewing an insurance policy. Cross-border digital sales without approval: Offering insurance to foreign jurisdictions without prior approval of the Commission.”
They are also barred from physical marketing of insurance products as done by conventional insurance operators.
