Mutual Aid Specialist Micro-Insurance Limited has officially launched its operations, introducing a first-of-its-kind Blockchain Hybrid Mutual Insurance model in a move set to redefine the trust dynamics of the Nigerian financial sector.
The launch, held at the company’s headquarters in Lagos, comes at a pivotal moment for the industry following the recent enactment of the Nigerian Insurance Industry Reform Act 2025. By integrating blockchain technology, MAIDS aims to eliminate the ‘opacity’ traditionally associated with insurance and foster a new era of consumer confidence.
Speaking at the unveiling, the Divisional Managing Director of MAIDS, Geraldine Umeche, emphasised that the timing of the launch is strategic as the industry hits a transformative crossroads.
She said, “The Nigerian insurance industry stands at a transformative crossroads, particularly within the year that the NIIRA 2025 becomes definitive.
“Our vision is to ‘flip the script’ on uninsured risks by offering insurance that builds wealth.”
Umeche highlighted that the BLOHMI model was specifically engineered to meet the demands of a digitally native younger generation that prizes transparency and real-time verification.
“At MAIDS, we are not just offering policies; our purpose is to make financial protection accessible, transparent, and community-driven, thereby building resilience and financial inclusion for millions of Nigerians,” she added.
Targeting the informal sector and low-income earners, MAIDS is introducing Fixed Sums Assured. These are “bite-sized” insurance products modelled on the sachet-style packaging of consumer goods, allowing everyday Nigerians to purchase affordable coverage for health emergencies, accidents, or sudden business losses.
The firm’s approach moves away from the perception of insurance as a burdensome mandate, instead positioning it as a household essential.
“When people are protected, they are empowered. And when they are empowered, communities thrive,” Umeche concluded, noting that the model was made possible through the support of the National Insurance Commission and various technical partners during its pilot phase.
The NIIRA 2025, signed into law in August 2025, is the most significant overhaul of the sector in two decades. It replaced the outdated 2003 Insurance Act with several key mandates, including massive recapitalisation, minimum capital requirements for insurers were hiked, for non-life from N3bn to N15bn, to ensure firms are financially healthy enough to pay claims.
The Act explicitly requires insurers to digitalise their services and make products accessible via mobile devices.
The Blockchain Hybrid Mutual Insurance model introduced by MAIDS is a technological bridge between traditional “mutual” insurance, where policyholders own a stake, and modern decentralised finance.
