FSD Africa and Nigeria’s National Insurance Commission (NAICOM) have partnered to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector.
BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing, and promoting innovators and insurtech startups. The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience.
Ten companies will be selected to participate in the ten-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
“We believe that this programme will enhance the development of a vibrant ecosystem of startups, through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya and are commencing the same in Ghana,” said Kelvin Massingham, director of risk and resilience at FSD Africa.
Thomas Olorundare Sunday, commissioner for insurance and CEO of the National Insurance Commission (NAICOM), said innovation was a key driver of change in the financial sector and had led to immeasurable efficiency and gains.
“Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I do not doubt that with such collaborations, Nigeria is set to be a successful case study on insurance innovation across the continent,” he said.
Applications for BimaLab Nigeria are open here until February 23.