AFN & FintechNGR Partner with NAICOM to Boost Digital Innovation in Insurance.
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The Africa Fintech Network (AFN) and the Fintech Association of Nigeria (FintechNGR) have met with the leadership of the National Insurance Commission (NAICOM) to strengthen collaboration and accelerate digital adoption in Nigeria’s insurance sector. The meeting, held at NAICOM headquarters in Abuja, brought together senior representatives from all three institutions.
The delegation was led by Dr. Segun Aina, OFR, Chairman of the Board of Trustees of FintechNGR and President of AFN, alongside Dr. Stanley Jacob, President of FintechNGR and Vice President (West Africa) of AFN. They were joined by Dr. (Mrs.) Jameelah Sharrieff-Ayedun, Vice President of FintechNGR; Mr. Oluwsseun Adesanya, Treasurer of FintechNGR; and Mrs. Omotola Olatujiyan, Fellow of AFN. On NAICOM’s side, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, welcomed the team with his deputies and senior officials.
During the meeting, the delegation highlighted the scope of the fintech ecosystem, noting that FintechNGR now has 600 members across 23 sectors in Nigeria, while AFN represents 48 member countries across Africa. They emphasized that fintech goes beyond payments to include health-tech, insurtech, edu-tech, agric-tech, reg-tech, and more. Initiatives such as the Fintech Passport are also being developed to raise Africa’s cross-border trade above the current 15 percent.
The delegation also announced the upcoming Nigeria Fintech Week 2025, themed “FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future”, which will take place on October 7–8, 2025, in Lagos, Abuja, and Enugu. NAICOM was invited to play an active role in showcasing how the insurance sector fits into this ecosystem.
Discussions also focused on Nigeria’s low insurance penetration rate of just 1 to 3 percent, which presents both challenges and opportunities.
The NAICOM Commissioner outlined his five-point agenda of rebuilding trust, enhancing capacity, refining regulatory frameworks, driving innovation, and boosting access. Both parties agreed to reconstitute joint committees, explore partnerships between fintechs and insurers, and address regulatory challenges, particularly the lack of supervisory technology for oversight.
The meeting ended with a commitment from NAICOM to participate in Nigeria Fintech Week. The Commissioner will deliver a Goodwill Message in Lagos, while joint efforts will begin to identify gaps in the insurance ecosystem and mobilize digitally capable players to close them.
This renewed partnership signals a united effort to use technology as a catalyst for trust, inclusion, and growth in Nigeria’s insurance industry.
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