By Nkechi Eze
Nigeria’s insurance sector has received a major boost with the official launch of the Inclusive Insurance Innovation Challenge (IIIC) Nigeria 2025, an ambitious initiative designed to expand insurance access to millions of Nigerians who remain excluded from formal financial protection systems. The launch, held on November 19, marked a significant milestone in the National Insurance Commission’s (NAICOM) broader drive to promote innovation, deepen insurance penetration, and strengthen financial inclusion across the country.
The Challenge, introduced in collaboration with leading global development partners, represents a strategic effort to inject creativity, technology, and problem-solving ingenuity into the nation’s insurance landscape. It is expected to serve as a platform for innovators to design scalable, technology-driven solutions capable of offering affordable and accessible risk protection to underserved communities.
Speaking at the event, NAICOM’s Head of Innovation, Mr. Kenneth Aroh, underscored the Commission’s resolve to reposition the insurance industry through targeted, innovation-led interventions. He explained that the programme was deliberately structured to support emerging innovators and industry actors seeking to create inclusive insurance solutions tailored to Nigeria’s unique socio-economic challenges.
“Our programme provides structured mentorship, regulatory guidance, and strong advocacy to nurture impactful and inclusive insurance innovations,” Aroh stated. He emphasized that NAICOM aims to cultivate new models and products that can address the protection needs of low-income populations who are often excluded from traditional insurance offerings. According to him, the 2025 Challenge is an avenue to accelerate the development of people-centered insurance solutions capable of transforming lives and strengthening resilience across households and small enterprises.
The Inclusive Insurance Innovation Challenge 2025 is the product of a robust partnership ecosystem. Financial Sector Deepening Africa (FSDA) serves as the primary sponsor, while the United Nations Development Programme (UNDP) anchors the initiative as host. The National Health Insurance Authority (NHIA) is also providing critical support, reflecting a multidimensional approach to financial inclusion that spans insurance, health security, and sustainable development.
In a forward-looking move, NAICOM announced that preparations are already underway for IIIC Nigeria 2.0, scheduled for 2026. The Commission encouraged broader sectoral participation, calling on insurers, InsurTech companies, public agencies, donor organizations, and private stakeholders to join the next edition in order to build an even stronger innovation ecosystem.
The Commission reiterated that its overarching objective remains unchanged: to create an inclusive insurance environment where every Nigerian regardless of income level, location, or social status can access meaningful financial protection and risk mitigation tools. With the launch of IIIC Nigeria 2025, stakeholders say the country has taken an important step toward building a resilient, innovation-driven insurance sector that works for all.
